Olympic Park house prices continue to sprint ahead
07-07-2015
House prices in areas close to the Olympic Park have grown at double the rate compared to the national market.
Properties in surrounding areas have increased by £1,500 per month since London won the bid for the 2012 Olympics in July 2005, according to Lloyds Bank.
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 to £378,884 in March 2015 – an increase of 84 per cent or £172,693, equivalent to a monthly increase of £1,476.
This increase 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 outperformed London generally, 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.
In the last year, house prices in the 14 areas closest to the Olympic Park rose by 13 per cent, from £334,123 in March 2014 to £378,884 a year later, compared with 10 per cent in London.
Stratford, where the Olympic Park in located, recorded the largest price growth in the past year, at 22 per cent, followed closely by Plaistow and Walthamstow (both 21 per cent).
Andy Hulme, mortgages director of Lloyds Bank, said: “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.”