This equates to a £35,000 increase in the average house price in the last 18 months alone, outperforming the city as a whole where the same increase has been spread over double this time period.
Since mid 2004, house prices in Leytonstone, the district which has seen the most pronounced growth, have shot up by a mammoth £50,714, followed by Hackney and Clapton. All seven districts close to Stratford (E15) have recorded price increases of more than 10 per cent since the second quarter of 2006, although Stratford itself has only seen an 8 per cent increase in its average house price since June 2004.
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The difference between the average price in the most expensive postal district in the area surrounding the Olympic site (Leytonstone, E11) and the least expensive (Paistow, E13) is almost £80,000, with the rejuvenation of the city that goes hand in hand with the Games likely to nurture further continued house price growth.
When looking at the bigger picture and the knock-on effect that winning an Olympic bid has on house prices, it is possible to conclude that there is a general all-round positive impact. Barcelona is the best performing host city to date with a 131 per cent price increase in the 5 years leading up to the Spanish Olympics of 1992.
Tim Crawford, group economist for Halifax Estate Agents comments: Despite recent rises, there are eight postal districts close to the Games site where house prices are more than 25 per cent below the London average, which highlights the areas still relatively affordable property prices.
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