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July 28, 2010    

Olympic Park development boosts house prices

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by Gill Montia

Some neighbourhoods close to the Olympic Park development have seen sharp rises in house prices since 2005, when the Capital was awarded the Games.

According to research from Lloyds TSB, Homerton and Shoreditch have recorded average property price rises of 69% and 53% respectively, well above the Greater London average of 36%.

However, only four of the 14 nearby postal districts have put in an above-average performance while the value of the typical Stratford home has increased by only 3% over the five-year period.

More recently, house prices in the Olympic Park area have bounced back strongly from the downturn in the market, rising by 13% between April 2009 and April 2010.

The typical increase is almost three times the average across England but slightly lower than the London average of 16%.

The least expensive postal district is Plaistow with an average house price of £196,426, followed by East Ham (£203,500) and Leyton (£209,769).

Lloyds TSB housing economist, Suren Thiru, points out that both home buyers and investors have been taking an interest in the Olympic Park area because of the regeneration taking place.

She believes that property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links.

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Tags: Homerton, , increased, , , Olympic Park, , , Shoreditch, Stratford