House prices around London's Olympic Park up 84% since 2005
With the third anniversary of the 2012 Olympic Games approaching, new research from Lloyds Bank shows that house prices around the Olympic Park have continued to rise.
The average property price in the 14 postal districts closest to the Olympic Park has grown from £206,191 in July 2005 - when the Games were awarded to the capital - to £378,884 in March 2015 – an increase of 84% or £172,693.
This rise is more than twice the growth in England and Wales as a whole; where values increased by an average of 41% from £185,672 in July 2005 to £261,962 in March 2015.
Price growth compares favourably to London as a whole
Since the end of the Games in September 2012, the average price in the 14 East London areas has out-performed London, with an increase of 33% compared to 25% in the capital as a whole. Over the same period, average property values in England and Wales grew by 12%.
In the past year, house prices near to the Olympic Park rose by 13% from £334,123 in March 2014 to £378,884 a year later. Stratford, where the Olympic Park in located, recorded the largest price growth, at 22%.
Andy Hulme, Lloyds Bank mortgages director said: "When London won the bid to host the 2012 Olympic Games many within the organising committee saw this as the perfect opportunity to regenerate the East London area. A decade on, the impact of major investment is there for all to see; improved rail and tube networks, a high class retail environment and the gradual conversion of the Olympic sites into residential homes."
Five areas see average prices rise by over £200,000
Since July 2005, five of the 14 areas closest to the site have enjoyed rises of over £200,000. Dalston recorded the largest increase (£285,800), followed by Shoreditch (£261,054), Clapton (£244,591), Bethnal Green (£233,076) and Homerton (£220,761).
Eleven of these areas now have an average house price of over £300,000, compared with none in 2005. Dalston is the most expensive area with an average house price of £518,035 – more than twice the level in East Ham (£241,017), which is the least costly.