How have London’s Olympic boroughs faired post 2012?
With the Olympics in Rio just days away, a residential property crowdfunding platform has looked at how property prices in London have changed since the Games 4 years ago.
According to Property Partner, the six Olympic boroughs used during the London Games have outperformed the majority of others local authority areas in the capital.
Investment
The investigation found that major financial investment has driven property prices up by an average of 64% in the six boroughs during the period. Hackney, Newham, Barking and Dagenham, Greenwich, Tower Hamlets and Waltham Forest performed better than the still healthy 52.8% house price rises recorded in the capital’s 32 boroughs.
Waltham Forest received the gold medal, recording house price growth of 76% in the last four years. Hackney took the bronze, with growth of 66.9%, while Newham was squeezed out of the medal positions with 62.6%.
Non-Olympic borough Lewisham took the silver medal with house price growth of 67.9%.
How have London’s Olympic boroughs faired post 2012?
Legacy
Dan Gandesha, CEO of Property Partner, said, ‘London 2012 was the catalyst for a flood of investment into the capital, much of which was injected into regenerating some of the capital’s most disadvantaged boroughs. The economic legacy of the Games-supporting new jobs and skills, encouraging trade, inward investment, tourism and improved transport links-has meant a corresponding rise in house prices in the six host boroughs. The economic, social and environmental gap between these boroughs and the rest of London is closing.’[1]
‘Over the next few years, the capital will further benefit from significantly infrastructure projects-particuarly Crossrail where areas that were relatively inaccessible will suddenly be on London’s doorstep. In turn, like the Olympic effect, house price around Crossrail’s 40 stations are continuing to see an upward trend despite post-Brexit uncertainty,’ he continued.[1]
Concluding, Gandesha noted, ‘The reality is, no one can say for sure what will happen just now. But the fundamentals of the capital’s housing market are self-evident – demand far outstrips supply, which is further exacerbated by population growth and low borrowing costs. Moreover, the Bank of England is likely to reduce base rates even further in the very near future.’[1]
[1] http://www.propertyreporter.co.uk/property/olympic-boroughs-continue-to-outperform-other-areas.html