Olympics 'driving up' east London prices

Posted: 25 Jul 2011 12:00:06 GMT

House prices in east London have climbed £192 a week since it was announced the city will be playing host to the 2012 Olympic Games.

The upcoming Olympic Games appear to be having a considerable effect on house prices in London.

New research from Lloyds TSB has shown people living in east London have seen the cost of their abode increase by nearly £60,000 since it was announced in July 2005 that the city would be playing host to the 2012 Olympic and Paralympic Games.

It means the average house price in 14 sites close to the event's main venues escalated by 28 per cent - from £208,148 to £266,730.

This works out at a weekly increase of £192 a week, with Dalston, Bethnal Green and Homerton each experiencing house price rises of more than £100,000.

Housing economist at Lloyds TSB Suren Thiru said interest in the area "has increased markedly since London was awarded the 2012 Olympic and Paralympic Games, partly reflecting the substantial regeneration taking place there".

The Olympics will be held next year between July 27th and August 12th.
 

© Houseladder Ltd