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
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."
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