Olympics pushing up local house prices
Some parts of London close to the main site for the London 2012 Olympic and Paralympic Games have seen a sharp rise in house prices since the capital was awarded the Games in July 2005. Homerton and Shoreditch – both in the borough of Hackney – have seen average property prices rise by 69 per cent and 53 per cent respectively, significantly above the Greater London average of 36 per cent.
There has, however, been a mixed performance in property prices with Stratford, the home of the Olympic Stadium, seeing only a three per cent increase in average prices, slower than any of the other postal districts.
Suren Thiru, housing economist, Lloyds TSB, said: "Some areas close to the Olympic Park have experienced a sharp rise in property prices since London's successful bid to host the 2012 Olympic and Paralympic Games. Part of this rise is likely to have been due to an increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place. The picture, however, is mixed.
Looking forward, property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links left by the London 2012."
Date: 27th, July, 2010
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