Agent Insight: Nick Karamanlis of Stirling Ackroyd
Posted 3 February 2015 by Keith Osborne
We catch up with Nick Karamanlis, sales director of Stirling Ackroyd in Shoreditch, to find out about the property market in East London.
Could you please give us a brief introduction to your company and the area in which you operate?
We were one of the first agents in Shoreditch when we set up in Curtain Road in 1986, back when this area was still an unfashionable northern City fringe. We have been involved with the artists and movements taking place in the area since the nineties and have always been part of the east London culture.
Expanding the business into vibrant areas such as Bankside, the West End, Clerkenwell and Hackney has meant we have become known for working with unconventional properties such as loft conversions and warehouses. It has been fascinating to see how the areas have changed over time, as the City fringes and east London have become among the most sought after areas in the capital.
What types of properties do you sell and let?
There is no standard type as the area we cover and the architecture here are extremely varied, but we are synonymous with warehouses and conversions, especially in central Shoreditch.
What is the property market currently like in your area?
It has been a mixed bag of late. The second half of 2014 saw a less frenzied, traditional market where supply was more in line with demand, keeping prices stable. January has seen the emergence of first-time buyers in their droves, with many sales of sub-£500,000 properties being agreed with sealed bids.
How much do properties typically cost to buy and rent?
As you would expect it is all dependent on size, location and quality but in the Shoreditch area properties are typically trading at around £850 - £1,000 per sq ft.
Are there any particular areas in which investors should be looking to buy property?
There has been a great deal of discussion about Crossrail (the main work here is expected to be completed in 2017), and the areas that will benefit are a good bet for investors. I also feel that Whitechapel and Bethnal Green offer excellent value.
What do you expect to see happen in the local property market during 2015?
In an election year it is difficult to predict, but at the moment the market is still going from strength to strength, albeit in a more controlled and measured way. Things can always change quickly in the London property market, but local and international demand remains very strong.