This year marks the third anniversary of the 2012 Olympic Games in London. New research from Lloyds Bank has found that property prices around the Olympic Park have continuously increased.
In the 14 postal districts surrounding the Olympic Park, the average house price has risen from £206,191 in July 2005 – when the Games were awarded to London – to £378,884 in March 2015. This
is an increase of 84%, or £172,693.
This growth is more than twice that in England and Wales as a whole, where prices rose by an average of 41%, from £185,672 in July 2005 to £261,962 in March 2015.
Since the Games finished in September 2012, the average price in the 14 East London areas has surpassed London as a whole, with an increase of 33% compared to 25%. In the same period, property values rose by 12% in England and Wales generally.
In the last year, house prices near the Olympic Park grew by 13%, from £334,123 in March 2014 to £378,884 in March this year.
Stratford, where the Park is located, recorded the highest price growth, of 22%.
Mortgages Director at Lloyds Bank, Andy Hulme, says: “When London won the bid to host the 2012 Olympic Games, many within the organising committee saw this as a 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.”1
Since July 2005, five of the 14 areas around the Park have experienced growth of over £200,000. Dalston saw the largest increase of £285,800, followed by Shoreditch at £261,054, Clapton at £244,591, Bethnal Green at £233,076 and Homerton at £220,761.
11 of these areas now have an average house price of more than £300,000, compared with none in 2005. Dalston is the most expensive area, with an average price of £518,035. This is more than double that in East Ham, at £241,017, which is the least expensive.