Olympic Borough House Price Growth Double Other London Boroughs

House prices in Olympic boroughs increased by 3.0% between September 2009 and 2010. End Quote

(1888PressRelease) November 01, 2010 - Asking prices for properties in the five Olympic boroughs have grown twice as fast as the non-Olympic London boroughs in the last year, new research from FindaProperty.com shows.

Between September 2009 and September 2010, the average asking price for properties across the Olympic boroughs of Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest increased by 3.0% from £276,751 to £284,936. In the same period, prices in the non-Olympic boroughs grew by an average of just 1.6%, while across the whole of the UK asking prices fell by 0.3%.

Newham, in East London, led the way with asking prices increasing by 7% on an annual basis. It does, however, still have the second lowest house prices of any London borough at £230,752 on average.

Average property asking prices, Olympic versus non-Olympic boroughs Sept 2009 and 2010:

Avg Sales asking price Sep 2009 Avg Sales asking price Sept 2010 % yearly change Sep 09 - Sep 10
Olympic borough average £276,751 £284,936 3.0%
Newham £215,626 £230,752 7.0%
Greenwich £259,408 £269,650 3.9%
Hackney £337,280 £350,873 4.0%
Waltham Forest £228,110 £233,712 2.5%
Tower Hamlets £343,330 £339,695 -1.1%
Non-Olympic borough average £414,924 £421,612 1.6%

Commenting on the resilience of property markets in the Olympic boroughs, Nigel Lewis, property analyst at FindaProperty.com, said: "When London first won the Olympic Games property prices in the area sharply increased. People thought this would tail off but we're actually finding that the Olympic effect is having a lasting impact and local properties are still proving attractive to would-be buyers.

"These areas have some of the cheapest property in London but are benefiting from a huge investment in infrastructure that will have an impact far beyond the Olympics themselves. The closer we get to the Games, the more people are seeing effects such as new rail links and shopping centres being built which are making these areas more popular and driving prices up."

Marlon Fox, Managing Director of East London and Docklands estate agent, Outlook Property, said: "For many decades East London has been the subject of gross under investment which has culminated in some of the capital's lowest priced property and produced deprived transport, shopping and educational facilities. The granting of the Games in July 2005 proved to be the catalyst that was needed to bring substantial investment to the Olympic Boroughs. The building of Westfield's Stratford City and the Olympic Park makes this area one of the largest regeneration projects in Western Europe and will ensure that this multi cultural part of London continues to thrive and grow rapidly."

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