East London homeowners have benefited from the Olympics, with house prices soaring since it was announced that London would be host.
According to research from Lloyds TSB, homeowners living close to the main site have seen their homes’ value increase by £70,000 since July 2005.
It also found that prices in the area outperformed the national market in the last 12 months.
Lloyds TSB housing economist Suren Thiru said: “In general, house prices in the East London postal districts closest to the main Olympic site have performed relatively well since London was awarded the 2012 Olympics in 2005.
“This partly reflects greater interest in these locations from both buyers and investors emanating from the award of the Games and the large scale regeneration taking place there, including improved transport links.”
According to Lloyds TSB, the average house price across the 14 postal districts closest to the Olympic Park was £273,157 in March 2012, an increase of 33 per cent on the £206,145 average in July 2005 – a weekly increase of £207.
Across the whole of England and Wales, house prices rose 24 per cent over the same period, with East London homes now on average 19 per cent higher than the rest of the country (£230,357), compared with 11 per cent higher in 2005.
Over the last 12 months house prices in the area have risen 1.6 per cent, compared to an average 2.2 per cent fall in the rest of the country. Lloyds TSB added.
