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."

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.

Now, residents are bearing the brunt of a longstanding battle between the companies involved over the scope of the works and who should pay for it.

Last year a court ruled that building owners and developers could not recoup costs from leaseholders for fire safety remediation work.

Although some work has been funded through the Building Safety Fund, GetLiving - which owns the freeholds of 2,800 former athletes' homes in Stratford's East Village - is now facing major remediation costs and is appealing part of the ruling in the Supreme Court.

The BBC understands there has been longstanding tension, and ongoing litigation, between GetLiving and Triathlon Homes, the housing association which runs 1,400 affordable homes in the East Village, over the scope of the remaining works and who should fund it.

East Village Management Limited (EVML), the company responsible for fire safety and managing the common areas of the former athletes' village, has estimated a £432m bill to fix all 63 buildings.

GetLiving is also continuing to progress claims against the 22 contractors who were responsible for the original construction of East Village.

"A lot of time, money and resources are being spent on legal cases. Why can't everyone sit around a table and agree?" says Sam Williams, head of the Olympic Park Homes Action Group.

He moved into a shared ownership flat in East Village with his wife in 2014.

Keen to move closer to family in Hertfordshire, they first tried to sell in 2019, but the sale collapsed because fire safety assurances could not be provided.

A second attempt two years later also failed after buyers were warned there was still too much uncertainty.

The 35-year-old has now been told remediation works on his building are expected to finish in February 2027, and until then they have paused plans to sell their home.

He described the experience as "draining".

Ivan Sahagun, owner of Familia Roasterias coffee shop in the East Village, was keen to buy a flat in the area, but once he spoke to a mortgage adviser about the prices "it put me off".

"I would say only a small percentage of people could afford to rent and buy in the area. My regulars are leaving the area for more affordable areas."

Sahagun says it is a very attractive area, but businesses struggle to make money, with plenty of spaces that have been empty for years.

Zane Patel is the director of Highcastle Estates, an east London estate and letting agent since 2018.

"In East Village, it's become a lot more difficult to sell homes," he said, adding that the regeneration has happened in the outskirts of Stratford, but not in the village.

He says one of the ways to get out is to find a cash buyer but they are likely to pay a much lower price.

"People get stuck with properties. They want to move on with their lives but they get stuck so they end up becoming landlords even if they don't want to be.

"It's a shame because it's actually a great area."

In a joint statement, East Village Management Limited, Triathlon Homes and Get Living, said they all shared the same priority, the "safety and wellbeing of everyone at East Village".

"We know the current situation is deeply frustrating for residents. They are understandably disappointed that it has taken so long to resolve. We are sorry for this.

"There has been a real change to our approach. There is much we can now agree on and we are actively working together to plan the next phase of work required. We are committed to completing the necessary works as quickly as possible.

"In addition to the works already completed we have, this month, commenced a new phase of remediation for 22 buildings. We hope this progress will reassure residents.

"Our focus is on completing all of the works as quickly and efficiently as possible so that residents can move forward with their lives."

But Uma Kumaran, Labour MP for Stratford and Bow, describes the situation as a "gross failure", and is threatening to escalate the situation to the Secretary of State for Housing if it does not resolve.

She said she has been contacted by "countless" constituents who have described the pain of not being able to sell their flats .

"Two big companies tasked with keeping people safe and housing people have not put residents first. It's embarrassing."

The problems experienced by homeowners at the East Village are not exclusive to the area.

In fact, the site has become a microcosm for the wider fire safety issues seen across London and the UK, with many "trapped" and unable to sell their flats.

As leaseholder Sam Williams desperately waits for a resolution, he adds: "There's thousands of people in similar situations to myself that really just want to have that ability to move on and to leave this behind."

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