London's Olympic Park: Housing Expedited for Quicker Occupancy

For six years prior to the 2012 Olympic Games in London, the former Olympic site was a construction site, in preparation for said games. Now, one year later, the site is again under construction and will be for years to come.

Why?

Because, it is being turned into thousands of homes which are set to be occupied by as early as 2014, in an effort to provide more affordable housing in the capitol city.

As interest for the Queen Elizabeth Olympic Park housing project rises, and homes in London become more necessary, the decision to expedite development has recently been made. A series of development projects in the Olympic Park Housing complex area which were set for a 2029 completion and move in date have been pushed up to 2023.

The Chobham Manor neighborhood is the first of the Olympic Park homes to be completed, with occupancy scheduled for its 850 new homes by 2015. The East Wick section will be ready for its first residents by 2016, with completion pushed up to 2023. The acceleration of 1600 homes in two separate areas of the Olympic Park project will ease some of the pressure for London housing.

Many of the properties set for release in the Queen Elizabeth Olympic Park are rental properties, which will more easily find tenants, not creating competition with other housing options for sale in the area.

Many of the planned developments will include shops, restaurants, cafes, community centers, and schools, creating full service communities for families and residents in the area.

How do you feel about the planned development projects taking place in the Queen Elizabeth Olympic Park area? Will this influx of affordable housing in London affect the market? Are you interested in this housing?

Photo courtesy of LeeWilshire’s Flickr