Going for conveyancing gold
House prices across the 14 postal districts closest to the main Olympic site have increased by nearly £70,000 since the bid was won, according to latest figures from Lloyds TSB.
In July 2005, when the UK capital was awarded the Games, average property prices stood at £206,145; as of March 2012 the average prices for a property within these 14 postal districts was £273,157 (a 33 per cent increase).
These properties are now valued at 19 per cent higher than the average property price in England and Wales.
Top three postcodes with highest increase (over the past year)
- Clapton 7.3 per cent
- Bow 6.3 per cent
- Shoreditch 5.2 per cent.
In total, 11 of the 14 districts saw a rise in house prices over the last 12 months. This is in sharp contrast to England and Wales as a whole which saw house prices drop 2.2 per cent.
Top three postcodes with highest increase (since Olympic bid was won)
- Homerton (Hackney) 59 per cent (£126,871)
- Dalston (Hackney) 53 per cent (£123,655)
- Shoreditch 52 per cent (£114,009).
Suren Thiru is the Housing Economist at Lloyds TSB:
“In general, house prices in the East of 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 for both buyers and investors emanating from the award of the Games and the large scale regeneration taking place there, including improved transport links.
“However, the real Olympic legacy for the East London property market may well only be seen long after the closing ceremony as the dramatic transformation of this part of the capital is completed.”
Content correct at time of publication