Flat going for £2.5m in Bethnal Green as property prices hit the roof

Modest street in Bethnal Green where houses now fetch £1m-plus on property market

Modest street in Bethnal Green where houses now fetch £1m-plus on property market - Credit: Google

A three-bedroom flat has gone on sale in Bethnal Green for more than £2.5 million — one of a string of £1m-plus homes as the property boom takes off in east London after the pandemic. 

The maisonette apartment with an E2 postcode, where average house prices are normally around £571,000, was listed on Zoopla with an asking price of £2,850,000.

The luxury pad is in a converted 18th-century stable and warehouse complex on three levels, with three on-suite bathrooms and its own garden with fig tree. The top floor has balconies on three sides. 

A quarter of the people living in Bethnal Green and Shoreditch are among the 10 per cent most deprived in the country, with an average household income of £30,760, according to Tower Hamlets Council statistics. 

A quarter live in "income-deprived" households and 16 per cent earn less than £15,000 a year. Almost half the elderly and well over a third of the children are in poverty. 

What the en-suite bathroom is like in one £1m flat

What the en-suite bathroom is like in one £1m flat - Credit: Zoopla

“The London commuter zone has some of the highest-value addresses in Britain,” Zoopla’s head of research Gráinne Gilmore said. “This shows how the type and size of properties create prime areas in some of the most desirable locations.” 

House prices have zoomed by at least 60 per cent in the capital since the 2012 Olympics were staged in east London.

The £1m-plus tag is becoming familiar in Bethnal Green and Shoreditch — just one stop or a brisk walk to the City where the new Elizabeth line opens in 2022 with its direct link to Heathrow. 

These include a three-bed flat in Long Street at just under £1.2m, a four-bed apartment at The Storehouse round the corner in Hackney Road going for £1.1m, a four-bed detached house in Shipton Street or a three-bed terraced house in Old Ford Road next to Victoria Park each at £1m — but normally nothing near this week’s £2.5m listing.  

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