Since London was announced as winners to host the 2012 Olympics, there has been a dramatic effect on the value of house price in the surrounding areas, according to a new report.
The Halifax Building Society has found that the districts close to the future location of the games have seen some of the most dramatic price increases in the country. House prices in three postal districts closest to the site of where the games will be held have seen a 15 per cent price increase since July 2005.
"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. The strongest recent gains have been in Leytonstone and Hackney," said Tim Crawford, group economist at Halifax .
"Despite recent rises, there are eight postal districts close to the games site where house price are more than 25 per cent below the London average, which highlights the area's still relatively affordable property prices," he added.
In the years preceding the four previous games, house price inflation in Athens, Sydney, Atlanta and Barcelona was consistently ahead of their respective national averages.
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Olympics benefiting east end house prices
Mon, 05 Feb 2007
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