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Interest in east London property 'on the rise'

Interest in east London property 'on the rise'

International money transfer transactions to the UK could be on the rise as interest in properties in East London increases.

According to Graham Lock, director of House Network, the property market in London is very strong at the moment, with most of this strength coming from the eastern part of the city.

He pointed out that demand for London properties with E postcodes is being primarily driven by interest in the London 2012 Olympics, which has generated a huge amount of buzz both locally and internationally and has led to a lot of regeneration in the area.

"There's been a lot of talks about the Olympics for the last three or four years, but now it's really upon us and seeing things like the Westfield shopping area going up around Stratford [and] the general buzz around the place at the moment," Mr Lock said.

"A lot of people are beginning to look at maybe selling as prices have really bumped up in the last 24 months. In London it's become its own sort of market."

Mr Lock maintained that interest from foreign property investors is continuing to bolster the east London housing market, which he believes is going to continue to thrive after the London 2012 Games are over.

A recent study from Rightmove Overseas revealed that interest in property located in Ireland is on the rise, with foreign investors running to take advantage of property price drops and surplus housing stock at bargain prices.

The report pointed out that property prices in Ireland have fallen by 43 per cent since 2007.

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