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. The recent economic downturn has made a major impression on people and governments around the world. Soon the UK government will present its spending review which will identify just how much needs to be done.
Property is a major part of the British economy. There is no doubting that the property market and the recession itself were connected
. A huge reason why the credit crunch transpired in the first place is because of poor lending practices by banks. Thankfully changes are being made to the system but they will be gradual.
One of the key issues of the London property market is that demand outstrips supply by a huge margin. Numerous young professionals and couples are doing everything they can to jump on the property ladder but due to the costs and shortage of credit they are finding it practically impossible.
Buying is an option, but there is also property to rent in the capital. However, much like the buying market, demand far outweighs supply. Flats to rent in central London are usually very costly and even though there may be more cost-effective studio flats to rent that might not be appropriate for a couple bringing up kids.Cheap flats
in London are difficult to come by. Thankfully it is predicted that the London 2012 Olympics will make a serious difference to the capital. London's east end has never experienced a development project quite like this and it will create business opportunities, jobs, improved transport links and greatly needed affordable property in London.
Under construction is the athlete's village which will house 17,000 athletes, coaches and numerous other team members. After the games these flats will be turned into two, three and four bedroom flats. Furthermore there is further development land which could be used to create a further 2,500 homes.
House prices have struggled in London and across the country but the locations in and around the Olympic park and village have witnessed the average asking house price increase. Interestingly as soon as the London Olympic bid was won areas such as Greenwich, Hackney, Newham and Waltham Forest witnessed the average house price increase by a few percent.
A lot has been said about the legacy of the Olympic games. There have been critics who question the huge cost to the taxpayer and other perceived risks but that seems very pessimistic. It is an honour to host any major international sporting event, and none come greater than the Olympics.
Will the Olympics save the property market in London? Probably not, but it certainly won't do it any harm.