E20 used to be no more than the fictional postcode for EastEnders, the BBC One soap opera. However, it has now been brought into the realms of reality with the launch of East Village in the newly created postcode, just south of Leyton, west of Stratford and north of Bow.
East Village will be created from the Athletes Village, on the doorstep of the Queen Elizabeth Olympic Park, once the Games are over. As well as enjoying the abundant Olympic sporting facilities, a new medical centre, shops, cafés and restaurants, East Village promises sustainable living spanning an area the equivalent of St James’s Park. It will be surrounded by rapidly changing neighbourhoods: Stratford, Bow and Leyton are all experiencing an influx of families and professionals, while new property developments are springing up everywhere.
What are the properties like?
The 1,439 private homes at East Village (mainly for rent) and 1,379 affordable homes will be available next year and range from one-bedroom apartments to four-bedroom townhouses. The homes, designed by 16 of the world’s leading architects will meet high levels of sustainability.
Near by, about 35 per cent of property in Stratford is Victorian, with a lot of new developments, while about 80 per cent of Leyton property is Victorian, with some Edwardian and Georgian examples too. In Bow, there are fewer period properties and a greater concentration of council homes, and some new build developments are appearing.
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And the house prices?
Prices at East Village have not yet been released, but around it, in Leyton, London E10, a typical three-bedroom Victorian house starts at about £250,000, while in Stratford, London E15, it would typically cost from £330,000 and in Bow, London E3, £460,000 or more. Despite the excitement surrounding the Olympics, prices in Straford have underperformed the rest of the London market for the past four years, according to new research from Hometrack, the housing data group. The average value per square foot has traded at a 30 per cent discount to Greater London. However, Richard Donnell, Hometrack’s director of research, argues that the area is still in its infancy as a regeneration project. He believes that “off the back of the new supply of homes in London E20, new pricing benchmarks will emerge”.
How are the transport links?
Great. This is one of London’s best-connected neighbourhoods. Residents regularly extol the ease with which they travel to work. With Hackney Wick, Stratford International DLR and Stratford Tube station on the doorstep of East Village, you can commute to Canary Wharf in 12 minutes, the West End in 20 minutes and St Pancras International in just six minutes (by the High Speed 1 line).
Are the schools OK?
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East Village will have a new education campus, Chobham Academy, which will educate 1,800 students aged between 3 and 19 from 2013. The immediate area lacks any particularly outstanding schools, but Barclay Primary and Leyton Sixth Form College are popular. Parents looking at the private sector tend to head for the Woodford area.
Do you feel safe?
According to locals, the area has much improved in recent years, which may partly be due to its increased popularity with families. The new developments are making crime havens, such as dingy, dark alleyways, a thing of the past.
Quality of life?
Likely to improve with the revamped streets, fantastic sporting facilities and Westfield Stratford City, Europe’s biggest shopping centre.
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Are there any green spaces?
East Village will span more than 27 hectares of land made up of new parks and open space, landscaped gardens, public squares, play areas and courtyards.
The adjacent Queen Elizabeth Olympic Park will provide a further 285 hectares of parkland, waterways and nature trails, while Hackney Marsh, Victoria Park and the 26 miles of parkland that is the Lea Valley lie beyond.
How’s the nightlife?
There’s not much at all in Leyton, while Stratford has a good selection of restaurants and bars. Westfield has more than 70 places to eat and drink as well as a new “super casino”, while Bow has a smattering of traditional pubs, such as the Bow Bells.
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What about the shopping?
Westfield has more than 225 stores, East Village will have at least 20 new shops while the surrounding areas are peppered with small independent shops.
Roman Road Market in Bow sells cheap goods such as clothes and jewellery, and around Leyton Tube station are high street regulars, such as Asda, Next and TK Maxx.
Is it a good investment?
The lead up to the Olympics means that rental rates and property prices have been steadily rising in the area, despite the recession. Some agents predict a period of deflation once the Olympic circus has gone.
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What else is there to know?
Two thousand newts are being relocated from the Olympic Park alone, while 4,000 trees are being planted on the Olympic Park and Village sites. Some 6,000 miles of new roads are being built, and the Games are generating 12,000 temporary new jobs.