House prices make Olympic gains
February 2, 2007 by admin
Filed under News, News-Mortgages
London’s successful bid for the 2012 Olympic Games has driven house prices up in parts of the city.
Since the announcement, three London postcodes, all of which are close to Olympic sites, have seen property prices rocket by around 15 per cent.
Leytonstone (E11) properties have risen in price by 23 per cent since mid-2004, while homes in Hackney (E8) are 21 per cent more expensive and Clapton (E5) has seen an 18 per cent rise.
The figures, which have been collated by Halifax, are inline with those seen in previous Olympic host cities. Barcelona, Atlanta, Sydney and Athens all saw house prices rise above the national average in the build-up to the games.
Although rising house prices may not make good reading for anyone looking to take out their first mortgage, Tim Crawford from Halifax says now is the time to invest in these parts of London.
“London’s winning Olympic bid has boosted regeneration spending in the East End and this has had a positive effect on local house prices,” he commented.
“There has been an increase in interest from first-time buyers and investors alike. The strongest recent gains have been in Leytonstone and Hackney.
“Despite recent rises, there are eight postal districts close to the Games site where house price are more than 25 per cent below the London average, which highlights the area’s still relatively affordable property prices,” added Mr Crawford.
First-time buyers may find that investing in a property close to an Olympic site will prove to be a good investment, with the average Olympic city seeing prices rise by 19 per cent.
