Four of the closest areas to the park – Dalston, Homerton, Shoreditch and Bethnal Green – all enjoyed house price increases of more than £115,000 since London won the Olympic bid. Daltson recorded the largest increase (£165,606), followed by Homerton (£161,147), Shoreditch (£151,487) and Bethnal Green (£116,709).
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.
“Home owners in the 14 postal areas closest to the Olympic Park have seen the average value of their homes rise by £1,000 per month since July 2005. 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.”
Change in house prices in postal districts close to the Olympic Park, March 2012 – March 2013
|Postal district||Average house price – March 2012||Average house price – March 2013||Change (%)||Change (£)|
|East London average||£271,519||£298,603||10.0%||£27,084|
|England and Wales average||£230,075||£239,887||4.3%||£9,811|