East London house prices race up due to OlympicsMake Text Bigger
Property investors with homes near East London’s Olympic Stadium are seeing house prices sprint ahead of the rest of the country.
Prices have raced up in value by an average £60,000 to £266,730 since London as awarded the games in July 2005 – equivalent to an extra £192 per week.
The medal winning postcodes saw 45% plus increases. In gold position is Homerton, with a massive 56% rise in average prices, silver goes to Dalston (52%) and bronze to Bethnal Green (45%).
Comparative also-rans are East Ham and Plaistow, but they’re still ahead of many places across the country, both seeing house prices rise 8%
Suren Thiru, housing economist, Lloyds TSB, said: “Interest in the East London housing market from both buyers and investors has increased markedly since London was awarded the 2012 Olympic and Paralympic Games, partly reflecting the substantial regeneration taking place there.
“However, despite this, house price performance in the postal districts closest to the main site of the games has been rather mixed with some of these areas recording significantly larger house price increases compared to neighbouring districts.
“Looking ahead, the long-term Olympic legacy for East London of improved infrastructure and transport links is likely to help underpin house prices in the area over the coming years.”
Since July 2005, the average house price rise across England and Wales was 28%.
House prices in the London 2012 boroughs have gone up by 5% in the last 12 months.
Dalston recorded the largest price increase (13%), while Shoreditch was the only London 2012 postal district to show a fall in house prices (-4%).
The most expensive London 2012 postal district to live in is Dalston, with an average house price of £349,004. The cheapest is Plaistow with an average house price of £196,426, which is 27% lower than the East London average.
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