Areas in London around Olympic park see prices soar since 2012 Games
The World Athletic championships at the Olympic stadium in London have brought back memories of the success of the games five years ago but the property market around has also been a success.
New research shows that average property prices in the 14 postal districts in East London closest to the Olympic stadium increased from £286,683 in September 2012 to £470,687 by April 2017, an increase of 64% or £184,004.
Price performance in these 14 East London areas has also outperformed London as a whole over the last five years. Since September 2012 the average price in the capital has grown by £160,986 or 38% to an average price of £584,190, according to the research from the Halifax.
Walthamstow has seen the strongest growth with the average price having doubled in five years from £238,348 to £479,421, an increase of £241,073 or 101%, the research also shows.
Five other areas have also seen price rises of over £200,000. In Homerton prices have risen by £232,909, Clapton by £231,488, Shoreditch by £230,051, Dalston by £207,297 and Leyton by £206,876.
‘Hosting the 2012 Games welcomed major regeneration to boost areas close to the Olympic Park in East London. Large scale infrastructure investment in the existing tube networks, an international rail station and now Crossrail have not only created jobs in the area, but improved options for people to move around the capital,’ said Martin Ellis, Housing Economist at Halifax.
‘This has enabled home owners in the 14 postal areas closest to Olympic Park to celebrate their own victory as a result, as the average value of their homes has risen by more than £4,000 per month since the Paralympic Games ended in 2012,’ he pointed out.
‘Not only has this area been reinvigorated as a community, but average property price growth in this part of East London has raced ahead of England, Wales and even Greater London as a result,’ he added.
The research also shows that since winning the bid to host the 2012 Games in July 2005, four areas close to the Olympic Park have recorded price growth in excess of £300,000. The greatest increase was in Clapton from £217,338 to £574,332, an increase of £356,944 or 164%, followed by Dalston up £352,148, Homerton up £346,175 and Shoreditch up £345,527.
A further six of the 14 areas closest to the main site have seen average house prices rise by over £200,000 since July 2005, including Forest Gate up £224,696, Bow up £254,389 and Leytonstone up £271,789. All 14 areas have recorded a price growth of at least £140,000 in the past 13 years.
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