Posts filed under ‘Olympics’
While Andy Murray celebrates his first grand slam win, the first by a male British tennis player for 76 years, his mother Judy may be having a little less success back home.
Her five-bedroom executive home (pictured, below) in Dunblane, East Lothian, which she bought in 2007 for £650,000, has been on the market since July this year at £595,000 which is £55,000 less than she paid for it at the top of the market just before the credit crunch struck.
The 52-year-old (pictured, below) is a professional tennis coach, captain of the Great Britain Fed Cup team (the female counterpart to the Davis Cup) and is also an energetic charity fundraiser. She has been living at her Dunblane home with former badminton ace Phil Reid since the late noughties following her divorce from Andy’s father Will in 2005.
But, despite the area being one of the most desirable in Dunblane, she may have struggled to find a buyer. This is partly because, local agents say, she’s been asking the same price for her home as larger, seven-bedroom properties on the estate – which have been selling recently.
Her house lies in a maze of some 200 high-end houses and villas built in 2004 by developer Cala Homes on a site called Laighills, a former sand and gravel quarry to the north of Dunblane town centre.
And it’s her second in the town, the first being the family home where Andy Murray was raised and attended Dunblane High School. The town, which stayed up almost to a man to watch the US Open final last night, is in the grip of Murray mania and painted one of its post boxes gold recently following Andy’s medal win at the Olympics.
The market isn’t big but the large sums to be made from this summer’s Games most certainly are, if the properties available to rent near Stratford’s Olympic village are anything to go by.
Stratford in East London, which normally features an average rental price of £1,700 a month, has been flooded with properties being offered at up to £10,000 a week, prices you might normally expect to pay in Chelsea or Kensington.
The area offers 277 such short let Olympic properties at the moment for between £4,000 and £6,500 a week, as displayed by our Smart Maps tool below.
Top of the pile is a house that’s ten minutes on foot from Stratford (see below), available for £10,000 a week or £43,000 a month. So what else remains to rent at the top of Stratford’s Olympic property market?
1. £10,000 a week
What: It might be sparsely furnished but it has seven bedrooms and therefore could sleep 14, making the rental price look more affordable per head.
Where: Ten minutes by foot east of Stratford Station in a quirky street of terraced mid-Victorian houses.
2. £6,500 a week
What: Three bedroom terraced mid-Victorian house that’s been expensively decorated throughout and includes an upmarket Italian kitchen. Comes with off-street parking, broadband and a twice-weekly cleaner.
Where: On a pretty and quiet street three miles south-west of the Olympic site. A bit out on a limb, but still just 20 minutes by public transport to Stratford station.
3. £5,000 a week
Where: A stone’s throw from the stadium overlooking both it and a canal.
What: Very large two-bedroom corner flat in a new-build block.
4. £5,000 a week
What: Three bedroom split level penthouse with three balconies, most offering excellent views of the Olympic site (pictured below).
Where: Five minutes by foot east of Stratford town centre and access to the Olympic village.
5. £5,000 a week
What: A furnished three-bedroom 1970s terraced house with a garden and, most crucially, off street parking. Has been refurbished recently.
Where: Just over the trainline from, and east of, the Olympic village. A five minute walk from Stratford rail and tube station too.
6. £5,000 a week
What: Noughties-built end of terrace family home in a residential-cum-industrial area. The attraction is its size – five bedrooms so will sleep ten people. Available only as a month-long let.
Where: Five minutes walk – and to the east of – Stratford town centre.
7. £4,800 a week
What: Tastefully decorated late Victorian terraced house with five bedrooms and a Zen style garden.
Where: Near Bow Street railway station, which is two stops (or two miles) south of Stratford.
8. £4,000 a week
What: Sportingly funky three-bedroom split level apartment with balcony. Pictures were obviously taken in late December, as there’s a Xmas tree in the lounge.
Where: Overlooking the Olympic village on a road to the west of the village.
9. £4,000 a week
What: Two bedroom new-build flat.
Where: Overlooking main stadium and canal from the west on a perimeter road.
10. £4,000 a week
What: A classy apartment in a recently-built block with three double bedrooms.
Where: Near a Unversity of London faculty next to the Olympic site.
There has been feverish speculation about the Olympic property market in and around Stratford in East London for years but, as the first athletes arrive and the opening ceremony prepares to kick off in ten days, will the Games really be good news for the area’s property market?
We’ve looked at all the homes for sale within a mile of the Olympic stadium, covering Stratford but also reaching north to Hampton Wick, south to Bromley-by-Bow, east to West Ham Lane recreation ground and west to Well Street Common. See our Smart Map below.
It’s a market largely made up of Victorian and Edwardian semis, post-war council properties and recently-built glass and steel apartments, and there are currently 618 properties on the market. Prices remain inexpensive by the capital’s standards and east of the stadium are the more prime addresses where most of the new apartment blocks have been built. Homes to the west of the stadium are substantially cheaper.
And according to our property data, the average value of a home within Stratford is £234,034, approximately 20% lower than East London’s average (£289,832) and 46% lower than London’s overall average.
At the top of the market is a four-bedroom apartment for £595,000 on Gerry Raffles Square, two streets east of Stratford’s shiny new train and tube station.
The bottom of the market is a one-bedroom shared-equity apartment for sale at £94,500 opposite Strand East, an urban village being built by furniture store IKEA, most famous for its 150 foot ‘Olympic Torch’ nearing completion at the moment (artist’s impression pictured below).
But you’ll need at least £200,000 to buy either a one-bedroom apartment within an upmarket apartment block or a two-bedroom period house, and those with clear views of the Olympic site (such as the one pictured below) attract a premium of between 5-8%.
The area’s most expensive properties kick off at £300,000 which buys an entry-level and new two-bedroom apartment or a three bedroom period semi. But the best apartments with views over the Olympic site are within Stratford Eye (pictured below), a new, cigarette-lighter shaped apartment tower on Angel Lane, and many flats within it have 180-degree views of the venue.
But the house price boom that was expected has yet to arrive, although prices have been rising reflecting the number of high-end apartment blocks coming on to the market rather than rising values for the rest.
Prices have picked up over the past six months or, we have noticed, stopped dropping and begun to swing upwards (by 1.20% over the past three months).
This is hopefully the ‘Olympic effect’ kicking in as the Games have loomed, but more likely it’s the area benefitting from the £15 billion the surrounding borough will receive directly and indirectly from the Olympics, including 62,000 new jobs and 59,600 new homes.