East London prices up by 45pc since games bid
Since the Games were awarded to the capital in July 2005 homeowners in the 14 postal districts in East London closest to the Olympic Park have seen the average value of their property rise from £206,154 in July 2005 to £298,6032 in March 2013.
This represents growth of 45% (£92,000) over the period, equivalent to a monthly increase of £994.
Nitesh Patel, housing economist at Lloyds TSB, said: “The regeneration of East London as a result of winning the bid to host the 2012 Olympic and Paralympic Games has seen large investment in infrastructure, rail and tube networks.
“A major shopping mall served the Games and importantly, the wider area over the longer term.
“Prices in this part of East London have, on average, increased at a faster rate than in England, Wales and Greater London as a whole.
“The impact on future property values will continue to depend on how the Olympic site is transformed as a place for the community.”
East London’s meteoric rise has outstripped national markets over the same period.
The average house price in England and Wales grew by nearly a third (29%) from £185,642 to £239,887 in the eight years to March 2013.
Price growth in East London areas also outperformed Greater London as a whole during the period by 35%.
The findings show price differential narrowed in the eight years, with average property values in areas close to the Olympic Park 19% lower than the rest of London, compared to 25% in 2005.
The trend has continued over the last year with house prices in the 14 areas closest to the Olympic Park rising by 10%, from £271,509 in March 2012 to £298,603 a year later, compared to just over 4% for England and Wales.
Manor Park and Clapton have recorded the largest price growth since March 2012, 17.4% and 16.8% respectively.
Five of the 14 areas closest to the main site have seen their average house price rise by over £115,000 since London won the bid to hold the Games.
Daltson recorded the largest increase (£165,606), followed by Homerton (£161,147), Shoreditch (£151,487), Clapton (£147,828) and Bethnal Green (£116,709).
Half of the areas closest to the Olympic Park now have an average house price of over £300,000 – there were none in July 2005
Seven of the 14 areas closest to the Olympic Park now have an average property value of over £300,000.
These include Daltson (£397,914), Homerton (£376,419), Shoreditch (£371,564) and Clapton (£365,728).
The most expensive area in July 2005 was Leytonstone with an average property price of £234,239.
The most affordable area is Plaistow (£193,159), followed by East Ham (£207,888) and Forest Gate (£228,839).