House prices soar near Olympics venue

| February 28, 2012 | 0 Comments
House prices soar near Olympics venue

The average value of houses in the 13 postal districts closest to Olympic park in Stratford, east London, has increased by more than £62,739 to £268,884 since July 2005, when the capital was awarded the right to host the 2012 Olympics.

A study by Lloyds TSB shows that house prices have risen by 30%, which is equivalent to a monthly rise of £815.

In comparison, house prices across England and Wales increased by 25% over the same period.

House prices in Dalston and Homerton, in the borough of Hackney, have increased the most, with a rise of 55% to an average of £359,436 and £332,102 respectively.

In Stratford itself, the average house price has grown by 13% to £227,893.

Prices continued to rise, by 0.5%, in Olympic postal districts over the past year, despite a 0.3% fall across the country as a whole.

However, the average price of a property in east London is still 22% lower than the London average of £342,551.

Suren Thiru, housing economist at Lloyds, said: “The outlook for the housing market in the East End of London remains relatively positive over the next few years with property values likely to be supported by the Olympic legacy of better transport links and infrastructure.

“However, house prices here will also be subject to the same headwinds facing the housing market across the rest of the country.”

The influx of visitors to the 2012 Olympics is creating a shortage of hotel accommodation and many visitors are turning to the high-end rental market.

The most sought after rental properties for visitors to the games are in the centre of London rather than near Olympic park.

Accommodation is also being rented by athletes who are travelling to the UK early to acclimatise and train for the event.

It is estimated that 500,000 extra visitors will come to London for the event.

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