London is currently playing host to the World Athletics Championships, evoking great memories of the superb Olympic Games in the summer of 2012.
Now, interesting new research has examined how average property prices in the 14 postal districts of East London closest to the Olympic Stadium have fared since the Games.
The investigation from the Halifax has revealed that average prices in these regions have risen from £286,683 in September 2012 to £470,687 in April 2017- an increase of 64%.
This rise has outperformed London as a whole during the last five years. Since September 2012, the average property price in the capital has risen by £160,986, or 38%, to hit £584,190.
Of the 14 boroughs closest to the Olympic Stadium, Walthamstow saw the strongest growth, with average property prices doubling in five years. Values have risen from £238,348 to £479,421 – a rise of £241,073 or 101%.
Five other regions have seen price rises of over £200,000 in the last five years, namely Homerton, Clapton, Shoreditch, Dalston and Leyton.
Martin Ellis, Housing Economist at the Halifax, noted: ‘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.’
‘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. 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.’