Huge Olympic effect on value of homes in London's East End
Prices have risen by over £200 a week since London was awarded the Olympic Games
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Monday 23 July 2012
Homes near to the main site of the 2012 Games have increased in value by nearly £70,000 since London was awarded the Olympics seven years ago.
The average house price across the 14 postal districts closest to the main site was £273,157 in March, according to the latest figures from Lloyds TSB, which represents an increase of 33% since July 2005, equivalent to a weekly increase of £207.
House prices in England and Wales have risen by 24% on average over the same period.
Clapton recorded the largest price rise (7.3%), followed by Bow (6.3%) and Shoreditch (5.2%). Three of the 14 postal districts closest to the Olympic Park – Homerton, Dalston and Shoreditch – have recorded price rises of over £100,000 since July 2005. Homerton in Hackney tops the list (59% or £126,871), followed by Dalston (53% or £123,655) and then Shoreditch (52% or £114,009). Stratford, home of the Olympic Park, has seen just a 14% (£28,537) rise.
Dalston is the most expensive location among the 14 postal districts closest to the main site with an average house price of £355,963. Homerton (£341,823) is the second most costly location. Plaistow is the most affordable postal district with an average house price of £189,167.
Suren Thiru, housing economist, Lloyds TSB, said: "In general, house prices in the East London postal districts closest to the main Olympic site have performed relatively well since London was awarded the 2012 Olympics in 2005. This partly reflects greater interest in these locations from both buyers and investors emanating from the award of the Games and the large scale regeneration taking place there, including improved transport links.
"However, the real Olympic legacy for the East London property market may well only be seen long after the closing ceremony as the dramatic transformation of this part of the capital is completed."
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar
A newly refurbished one-bedroom flat in the heart of Mayfair, close to Grosvenor Square
A charming four-bedroom house overlooking Burleigh Square Park, close to Thorpe Bay
A three-bedroom farmhouse with a large inglenook fireplace and exposed beams
A boutique mews house, set around a central courtyard, with three bedrooms and a private roof terrace
A four-bedroom farm-conversion with three bathrooms and two reception rooms
A two-bedroom detached house with ensuite bathrooms and a sun-drenched decked terrace, £750,000
A modern and spacious two-bedroom, penthouse flat with two bathrooms in a prestigious development
A beautifully renovated five-bedroom terrace with three reception rooms and a courtyard garden, £700,000
A four-bedroom period house which has been extended to provide almost 2,500sq ft of living space, £675,000
A pretty three-bedroom Georgian home with a 22ft drawing room and a master suite with a balcony, £525,000
A substanstial family home with five bedrooms and landscaped gardens in the much sought-after Branksome Park area
A well-presented three-bedroom house with front and rear gardens, close to White City station, £475,000
A handsome five-bedroom house in a sought-after location close to the city centre
A five-bedroom country home with valley views, equestrian stables and 27 acres of land, £725,000
A six-bedroom farm house with separate, detached cottages and 371 acres of land
A two-bedroom cottage with parquet floors, chunky beams and an open fireplace
A three-bedrrom flat with 2,733sq feet of living space, a beautiful private garden and 15 acres of communal grounds
A four-bedroom chalet bungalow with three bathrooms and a spacious garden, £525,000
A two-bedroom flat with an open plan kitchen and two balconies, close to Arsenal station
A Grade II-listed home with six bedrooms, secluded landscaped gardens and views across Hadley Green
A Grade II-listed mansion with two apartments and a cottage, near Gretna Green
A three-bedroom Grade II-listed mews house with vaulted ceilings and roof garden
A spacious Grade II-listed family home with annexe and equestrian facilities among four acres of land in Itchingfield
A four-bedroom home with exposed brick walls and open fires in the picturesque village of Northill
A Grade II-listed property with five bedrooms and unique tower, overlooking Hastings Old Town
A charming five-bedroom detached family home, set within half an acre in Kew
A two-bedroom maisonette set on the top two floors of a period building, close to Kentish Town Tube.
Take advantage of the extra space provided by former stables and outbuildings at this five-bedroom farmhouse.
This three-bedroom Victorian terrace is near to Queen’s Road Peckham station, Nunhead station.
A five-bedroom modern house with terrace, swimming pool, Zen treehouse and large carp pond
An unexpected gem with four bedrooms, remarkable vaulted reception and a galleried study area
Life & Style blogs
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Exclusive: Impact of immigrants on British workers ‘negligible’
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 Hells of residence: Inside Macedonia's horrifying student accommodation - where the walls are green and the food is black
- 2 First Kiss video: Filmmaker gets 20 strangers to make out on YouTube with awkward results
- 3 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 4 Rampaging elephant smashes up house but then 'saves crying baby trapped under debris'
- 5 Ian Wright breaks down in ITV documentary charting his rise to Arsenal and England striker
£20,000 to £25,000: IT Connections Ltd: Graduate C / C++ Developer / Electroni...
£25,000 to £35,000: IT Connections Ltd: C / C++ Software Engineer / Windows / ...
£50,000 to £60,000: IT Connections Ltd: C++ / Java / Senior Software Developer...
£23500 - £50000 per annum: Randstad Education Plymouth: Randstad Education is...