Olympic village 'tainted' by unsellable flats

"Stratford's East Village was home to thousands of Olympians during the London 2012 games. The accommodation was later converted into flats that became hot property - but 14 years on, some residents say the development has been "tainted" by homes they cannot sell. High service charges (charges paid to the freeholder for services), ongoing fire safety remediation works introduced after the Grenfell Tower disaster, and leasehold conditions that are deterring prospective buyers have left many unable to sell and move on."

"One such homeowner is Lynne Carratt, who bought a shared ownership flat in East Village in 2017, attracted by the Olympic legacy, transport links, sporting facilities and nearby Westfield. After getting married and having a daughter, the couple decided to move to a larger home in 2020, but struggled to sell because the flat does not have an EWS1 fire safety certificate, introduced in 2019 after Grenfell, which rates the fire risk of a building and is required by most lenders."

"Although the couple received a cash offer, it was below the 450,000 value they wanted and would have left them at a 50,000 loss. Lynne says her only option was to become an "accidental landlord" renting out the flat while buying another home further out in East London using inheritance money. Her building is still waiting for funding from the government's Building Safety Fund for fire safety works, which she expects to begin this summer."

"She says high service charges, ongoing works and weaker demand for city flats since the rise in home working have also deterred buyers. "It's had a stressful impact on our life," she said. "It's tainted the Olympic legacy." Getty Images In the wake of the Grenfell Tower disaster, blocks of flats on the site were found to have unsafe cladding which was removed. But further fire safety issues, including with balconies and internal walls, have since been identified."

Stratford’s East Village, built to house thousands of Olympians for London 2012, was later converted into flats. Fourteen years on, some residents say the development has been “tainted” because they cannot sell their homes. High service charges, ongoing fire safety remediation works introduced after the Grenfell Tower disaster, and leasehold conditions are deterring buyers. Many lenders require an EWS1 fire safety certificate, introduced in 2019, and some flats lack it. One homeowner bought a shared ownership flat in 2017, later tried to move in 2020, and struggled to sell because the flat did not have an EWS1 certificate. The building is awaiting funding from the government’s Building Safety Fund, while residents also report weaker demand for city flats since home working increased.

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