Olympics drives East End property market

Monday, 27 February 2012 11:17 AM

Those with urban homes close to the Olympic Games’ sites have seen a whopping £60, 000 increase in their property’s value.

Thanks to the Olympic and Paralympic Games prices have risen about 30 per cent since the announcement that London would host the event.

According to Lloyds TSB, East End properties in the 14 postal districts surrounding the main Olympic venues have seen a £815 rise in value each month.

“Some areas close to the main site for the 2012 London Games have experienced a sharp rise in property prices, reflecting increased buyer interest as well as the regeneration taking place there,” Lloyds TSB housing economist Suren Thiru said.

“Over the long term, house prices in the East End of London are likely to be supported by the Olympic legacy of improved infrastructure and transport links."

The borough of Hackney is performing well with Dalston and Homerton seeing some of the fastest rates of growth for house prices, recording a 55 per cent increase since the games announcement in 2005.

Shoreditch is the next quickest to improve at 47 per cent, the equivalent of £102,934.

While these price rises are helping the surrounding property market to flourish the East End still remains an affordable housing option.

The average house price in the 14 districts closest to Olympic Park is £268,884.

This is 22 per cent below the overall average price in London.
 

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