Olympic Park house prices race ahead

Ryan Fowler

August 5, 2016

Olympics

Property prices near the Queen Elizabeth Olympic Park have increased by 53% between September 2012 and March 2016 according to research by Lloyds Bank.

Average prices in the 14 postcode areas within the Olympic park have risen from £286,638 in September 2012 to £438,065 in March.

This is more than three times the rate of average increase for properties in England and Wales which grew by 17% over the same period.

Park view will add £41,000 to property value

Prices in the areas have also outpaced London as a whole. Since September 2012 the average price has grown by 32% to £557,359.

The largest rise took place in Shoreditch, where the average property price has grown by £245,330 followed by Dalston (£203,113), Homerton (£197,737) and Bethnal Green (£178,893).

East Ham recorded the lowest rise in prices – a relatively modest increase of £83,566 in four years.

Nitesh Patel, Lloyds Bank housing economist, said: “The last Olympics Games, held in London, was a great event which captured the world’s attention for a few weeks in 2012, but the longer term benefits of the Games are still being felt today, particularly for homeowners in the areas close to the Olympic Park who have seen property prices outperform both the national and London markets.

“Since the Games closed in September 2012, average house prices in the 14 areas of East London close to the Olympic Park have increased three-times faster than in the rest of England, equivalent to an increase of £3,522 per month.

“Regeneration in this part of the capital has seen significantly improved transport connections and facilities, which have helped attract businesses and households to the area and in turn boosted local property values.”

In the eleven years since the Games were awarded to London in July 2015, the average property price in the 14 postal districts in East London closest to the Olympic Park has grown from £206,398 to £438,065 in March 2016 – an increase of 112% or £231,667.