28th July 2011
According to Zoopla.co.uk, property prices around Olympic sites are up 11.9% since the Games were announced; this figure outstrips the average UK house price growth over the same period .
However, The Guardian says that property owners near to the Olympic stadium in east London are not benefiting much from staging of 2012 Games.
It says that house price data for the six years since London was awarded the Olympics shows that property values in the areas nearest the Olympic sites have gone up by an average of £60,000.
Average house prices in the postal districts close to the Olympic site have risen from £208,148 to £266,730, a 28% increase according to research by Lloyds TSB.
The research includes 145 areas of London, and the top performing area affected by 2012 preparations – Homerton in Hackney – sits in just 44th place, with a property price increase of 56% or £120,000.
However, seven areas affected by Olympic construction sit in the bottom 20 performing postal codes, with house price increases ranging from 28% to just 8%.
Some areas haven't performed as well as expected, reports This is Money. Most surprisingly is Stratford, the home of the Olympic Stadium. It has seen only a 3% increase in average prices, slower than any of the other postal districts.
This points to the possibility that it may not be the Olympics that has helped push up some parts of East London's house prices, says the report, but the increasing desirability of areas in trendy Hackney, where many City workers can walk to work.
The biggest rise in London over the past six years – 153% – has come in the Victoria area of the City of Westminster.
Slimpanatella, a homeowner in the area, comments on the Guardian report: "We moved to the shadow of the Olympic site to buy an affordable house, not an investment…The best thing to come out of the Olympics is the vast new park East London's going to get. Stratford is changing beyond all recognition …"
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