| Stokey, the new Hampstead?
By Trevor Jones
The good news is that if you own a house in Stokey, you
are sitting on a property that is rocketing in value. The bad news
is that if you want to buy a property in Stokey, you’d better
starting thinking about the Lea Bridge road or Clapton unless you
got dosh to burn.
It’s official: the Stokey property market is buoyant. N16
interviewed three of the best-known estate agents on Church Street,
and they are all singing from the same hymn sheet.
Michael Naik, one of the first estate agents to set up on Church
Street, is having one of the busiest times in recent years. As far
as he is concerned, the property market is buoyant after being in
the doldrums. ‘Demand cannot meet supply and first-time buyers
can’t find properties’, says Michael People are now
looking towards the Lea Bridge road, Clapton and the E5 borders.
The commercial property market is booming. ‘There is a queue
for commercial properties. When a shop comes up, we get 20 to 30
calls in an hour.’ Needless to say, commercial property rents
are going up. But, the old problem of parking remains: ‘you
have to buy a house to park your car. You can’t do your business
without being clamped’.
So how will the Olympic games affect Stokey? ‘E5 and E9 will
improve commercially, as well as the Hackney Marshes. In Stratford,
you are talking about a 25% mark up in five months’. Apparently,
there will be a ripple effect right to the heart of Stoke Newington.
Michael has put his money where is and is currently developing Chiltern
Place, in Clapton, which will be ready by the end of August. On
the letting front, there is a good turnaround in one or two bedroom
flats and people now require ‘high standard properties’.
Needless to say, rents are also going up.
Bairstow Eves are also gung-ho about the state of the Stokey property
market. ‘At the moment we are selling properties in 24 hours.
Demand is high, but supply is low. We are selling flats in a couple
of days, and houses in a week. 2005 was really quiet, but people
who were taking 12-month rental contracts are now sussing out the
buying market. Some buyers now have to look at the Stokey borders
– Clapton and Stamford Hill’. So, why is Stokey so attractive?
‘There are lots of young families and it shows that Stokey
is starting to flesh out … we are moving towards being the
new Hampstead’. There are good buses and the schools are good.
Bairstow Eves are expanding and have just joined the Ombudsman Scheme
which ‘protects both the agent and the customer’.
Next Move confirmed that the property market is ‘very buoyant
and very much a sellers’ market’. They also confirmed
that there is a ripple effect – Stamford Hill and Clapton
– and ‘school catchment areas very much rule. There
are diverse buyers out there.’ The rental market is also extremely
good. There is a ‘lack of property and what comes on the market
is quickly snapped up. Things will pick up in the summer.’
Next Move confirmed that the schools are a major factor in enticing
people into the area. They are currently expanding out of Stokey
and are opening an office on 111 Upper Street in Islington in June.
Next Move also has a new, generic website – www.nextmove.com
- which reflects their expansion outside Stokey.
Whether this is a good thing depends on where you are – if
at all – on the property ladder. But the fact of the matter
is that, in property terms, N16 is ‘most desirable’,
which would have astonished us all fifteen or so years ago. But,
please, not Hampstead.
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