Olympic Park causes house prices to sprint ahead
July 06 2015 - 10:13AM
Property
Photo: Daniel0685
Research from Lloyd Bank shows that property
values in areas surrounding the Olympic Park have increased
by £1,500 per month since London won the bid in July 2005. The
average property price in the 14 postal districts in East London
closest to the Olympic Park has grown from £206,191 in July 2005 -
when the Games were awarded to the capital - to £378,8842 in March
2015 – an increase of 84 per cent or £172,693, which is equivalent
to a monthly increase of £1,476. This rise is more than twice as
fast as seen in England and Wales; nationally property values grew
on average by 41 per cent over the period - from £185,672 in July
2005 to £261,962 in March 2015.Recent price performance in areas
surrounding the Olympic Park also compares favourably with London
as a whole. Since the end of the Games in September 2012 the
average price in the 14 East London areas has out-performed London
with an increase of 33 per cent compared to 25 per cent in the
capital as a whole. Over the same period average property values in
England and Wales grew by 12 per cent.Andy Hulme, Lloyds Bank
mortgages director, comments; "When London won the bid to host the
2012 Olympic Games many within the organising committee saw this as
the perfect opportunity to regenerate the East London area. A
decade on, the impact of major investment is there for all to see;
improved rail and tube networks, a high class retail environment
and the gradual conversion of the Olympic sites into residential
homes."The improved attractiveness of living is this area of London
has resulted in rising property values. Since July 2005 average
house price in the 14 areas closest to the Olympic Park has
increased at more than twice the average rate in England and Wales.
And, since the end of Games in September 2012 price growth in this
area has out-performed London as a whole."
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