East London house prices up £60,000 since Olympics awarded
Homeowners living close to the London 2012 Olympic Games’ main site have seen the value of their property rise by nearly £60,000 on average since the capital was named host, according to a study by Lloyds TSB.
Typical house prices in the 14 postal districts closest to the main venue rose 28 per cent, or £58,582, from £208,148 in July 2005 to £266,730 in May 2011 – around £192 a week.
However, the rise was below the London average leap of 48 per cent, but in line with average house price increases across England and Wales, also 28 per cent since July 2005, the bank said.
According to property website Zoopla.co.uk, property prices in close proximity to the Olympic venues have recorded an 11.9 per cent increase since the Games were awarded to London in 2005, outstripping the UK average of 7.2 per cent over the same period.
London property values in direct proximity to the Olympic sites have underperformed, however – rising 18.9 per cent over the period compared with overall house price growth of 27.2 per cent in the capital, the website claimed.
But Nicholas Leeming of Zoopla.co.uk, said: “It is unlikely that property in East London would have seen anything like the value growth it has recorded without the Olympics.”
