The Olympics cause London house prices to race
26 July 2010 New research has shown that the average property prices in the fourteen postal districts situated near the Olympic Park have risen by 26%. Lloyds TSB have carried out a study that measured house price performances in the East London area since the announcement in 2005 that London will host the 2012 Olympics.
They discovered that four of the fourteen Olympic postal districts saw house prices increase more than the London average. This includes Homerton and Shoreditch, who have seen average property prices rise by 69% and 53% respectively. Both in the borough of Hackney, the increase of both of these locations are superior in contrast to the 36% average of London.
Suren Thiru, housing economist for Lloyds TSB, stated that: “Some areas close to the Olympic Park have experienced a sharp rise in property prices since London’s successful bid to host the 2010 Olympic and Paralympic Games.”
According to Lloyds, house prices in the Olympic areas have bounced back strongly from the downturn in the housing market, rising by 13 per cent between April 2009 and April 2010. This was almost three times the average rise across England, but slightly lower than the London average of 16 per cent. The average house price among the postal districts near Olympic Park is £262,953 and the least expensive postal district is Plaistow, which is £196,42.
Facilities are already being upgraded and significant transport improvements are already taking place in preparation for the 2012 summer games. Residents are already seeing the benefits of these developments, as a 500 acre Olympic Park will include an Olympic stadium, aquatic centre, along with several other sporting complexes and a 17,800 person Olympic village. This will all be positioned from the Hackney Marshes to the Thames and will draw in a vast amount of tourists, looking to soak in the immense atmosphere.
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