Residents in Olympic postcodes have seen house prices rise £92,000 since the Games
Mail Online –
Homeowners in the 14 postal districts closest to the Olympic Park in East London have seen the value of their property rise by an average of £92,000 since the Games were awarded to London in July 2005 – a rise of 45 per cent.
This Olympic area outperformed the national markets over that period with average house price in England and Wales growing by just a third, from £185,642 to £239,887, in the eight year period.
Whilst still more affordable than other areas of the capital, the Games-inspired rise has closed the price gap between areas of East London and the rest of the city. Houses in the Olympic area now cost 19 per cent less than the London average of £370,779. The gap was 25 per cent before the Olympic Games were awarded to London.
Residents in Dalston have made the most, with house prices in the area up £156,606, 71 per cent, the largest rise in cash terms in the East End. Homerton, Shoreditch and Clapton also saw rises of more than £145,000 – all areas rising more than 60 per cent.
These rises are comparable with highly-desirable areas of North London, such as Highbury and East Finchley, which have seen price hikes of 84 per cent and 85 per cent respectively.