The average house price in the 14 areas of East London closest to the Olympic Park is now £334,123 and since 2012, house prices in the Olympic Park surrounding areas have grown by over £60,000.
Home owners in the 14 postal districts1 in East London closest to the Olympic Park have seen the average value of their property rise from £206,191 in July 2005 to £334,232 in March 2014. This represents growth of 62% or £127,933 over the period, equivalent to a monthly increase of £1,214, according to research by Lloyds Bank.
Property values in areas surrounding the Olympic Park have outperformed national markets over the same period. The average house price in England and Wales grew by 34% from £185,662 to £248,597 in the eight years to March 2014. In cash terms, the increase in average house price in the Olympic areas at £127,933 is more than double the growth seen in England and Wales at £62,935.
The house price premium between the average in the 14 East London areas and the rest of England and Wales has more than trebled from 11% in July 2005 to 34% in March 2014.
Since 2012 property values in Olympic areas have outpaced both London and national markets. Prices in the 14 areas closest to the Olympic Park rose by 23%, from £272,750 in March 2012 to £334,123 in March 2014, compared to just over 8% for England and Wales.
Whilst in London as a whole prices have grown by 17% in the same period. In Shoreditch, Daltson and Walthamstow, average property values have seen the best performance rising by close to a third.
Eight of the 14 areas closest to the main site have seen their average house price rise by over £100,000 since London won the bid to hold the Games. Daltson recorded the largest increase at £236,558, followed by Shoreditch at £209,460, Homerton at £176,275, Clapton at £175,767 and Bethnal Green at £166,760.
The research also shows that half of the areas closest to the Olympic Park now have an average house price of over £325,000 yet in July 2005 there were none.
Seven of the 14 areas closest to the Olympic Park now have an average property value of over £325,000. These include Daltson at £468,792, Shoreditch at £429,537, Bethnal Green at £395,184, Clapton at £393,616 and Homerton at £391,227. In July 2005 none of 14 areas had an average house price above £235,000.
The most affordable area is Plaistow with an average price of £207,004, followed by East Ham at £210,504 and Manor Park at £247,110.
‘Since winning the bid to host the 2012 Olympic and Paralympic Games nine years ago, average property values in the 14 surrounding areas have grown by close to two thirds,’ said Nitesh Patel, housing economist at Lloyds.
‘These areas have been bolstered by large scale investment in public transport, new property development and the creation of a high-end retail environment making this one of the fastest evolving areas in London,’ added Patel.
