Olympic effect boosts east London house prices

Fri Feb 2, 2007 2:17pm GMT
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By Jennifer Hill

LONDON (Reuters) - There might still be some 2,000 days to go to the 2012 Olympics, but house price in areas close to the Games have surged since the bid win was announced, figures show.

Property prices in three east London postal districts close to the Olympic site have risen by more than the London average of 15 percent since the city was unveiled as the successful contender, according to Halifax Estate Agents.

The best performance has been in Leytonstone (E11), which has seen a 23 percent or 50,714 pound increase in its average house price since the winning bid was announced in July 2005.

Average property prices in Hackney (E8) have lifted 21 percent or 48,578 pounds from the second quarter of 2005 to the third quarter of 2006, while Clapton (E5) has recorded an 18 percent or 38,895 pound rise, the figures show.

All areas close to the games site have seen at least a 15,000 pound rise in their average house price in the 15 months since the bid win.

Tim Crawford, group economist at Halifax, said: "London's winning Olympic bid has boosted regeneration spending in the East End and this has had a positive effect on local house prices.

"There has been an increase in interest from first-time buyers and investors alike."

However, some areas have not fared as well.   Continued...

 

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