Posts with tag: property near olympic park

Property Prices Around Olympic Park Rise 84%

Published On: July 7, 2015 at 2:31 pm

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This year marks the third anniversary of the 2012 Olympic Games in London. New research from Lloyds Bank has found that property prices around the Olympic Park have continuously increased.

In the 14 postal districts surrounding the Olympic Park, the average house price has risen from £206,191 in July 2005 – when the Games were awarded to London – to £378,884 in March 2015. This

Property Prices Around Olympic Park Rise 84%

Property Prices Around Olympic Park Rise 84%

is an increase of 84%, or £172,693.

This growth is more than twice that in England and Wales as a whole, where prices rose by an average of 41%, from £185,672 in July 2005 to £261,962 in March 2015.

Since the Games finished in September 2012, the average price in the 14 East London areas has surpassed London as a whole, with an increase of 33% compared to 25%. In the same period, property values rose by 12% in England and Wales generally.

In the last year, house prices near the Olympic Park grew by 13%, from £334,123 in March 2014 to £378,884 in March this year.

Stratford, where the Park is located, recorded the highest price growth, of 22%.

Mortgages Director at Lloyds Bank, Andy Hulme, says: “When London won the bid to host the 2012 Olympic Games, many within the organising committee saw this as a 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.”1 

Since July 2005, five of the 14 areas around the Park have experienced growth of over £200,000. Dalston saw the largest increase of £285,800, followed by Shoreditch at £261,054, Clapton at £244,591, Bethnal Green at £233,076 and Homerton at £220,761.

11 of these areas now have an average house price of more than £300,000, compared with none in 2005. Dalston is the most expensive area, with an average price of £518,035. This is more than double that in East Ham, at £241,017, which is the least expensive.

1 http://www.whathouse.com/news/article/559a53a14031b916349d787f/House+prices+around+London%2527s+Olympic+Park+up+84%2525+since+2005

Olympic flame still burning for property

Published On: July 7, 2015 at 10:15 am

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Categories: Property News

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It has been 10 years since London won the bid to host the Olympic Games. During the last decade and even since the unforgettable event itself in 2012, property prices in regions surrounding the Olympic Park have surged by around £1,500 per month, according to new research.

Data from Lloyds Bank shows that areas surrounding the Park have outperformed the rest of London since the Games ended in September 2012.

Gold Medal increases

In the 14 postal districts closest to the Olympic Park, average property prices have risen from £206,191 in July 2005 to £378,884 in March 2015. This represents an increase of 84%, or £172,693.[1]

Comparatively, property values in the rest of England and Wales rose by an average of 41% over the same period.[1]

What’s more, since the spectacular end to the Games, property prices in regions surrounding the primary venue have risen at a greater rate than the rest of the homes in capital. Values of homes surrounding the Park have risen by 33%, in comparison to 25% in London as a whole.[1]

During the last twelve months, house prices in the 14 postcode regions nearest to the Olympic Park have risen by 13%, increasing from £334,123 to £378,884. Stratford, home to the venue, recorded the largest annual growth of 22%.[1]

Olympic flame still burning for property

Olympic flame still burning for property

Regeneration

‘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,’ said Andy Hulme, Lloyds Bank mortgage director. ‘A decade on, the impact of major investment is there for all to see, such as improved rail and tube networks, a high class retail environment and the gradual conversion of the Olympic sites into residential homes.’[1]

Continuing, Hulme said, ‘the improved attractiveness of living is this area of London has resulted in rising property values. Since July 2015, average house prices in the 14 areas closest to the Olympic Park have increased at more than twice the average rate in England and Wales. And, since the end of the Games in September 2012, price growth in this area has outperformed London as a whole.’[1]

[1]http://www.propertywire.com/news/europe/uk-olympic-park-prices-2015070610713.html