Houses in London which are located close to the main site of the Olympic Games have seen a sharp rise in value since the capital won the Olympic bid in 2005, new research has found.
Research from Lloyds TSB has found that areas in London’s East End have seen sharp rises in house prices since 2005.
The value of homes which are located close to the main Olympic site increased by an average of £60,000 between July 2005 and the end of last year.
In the 14 postal districts closest to the Olympic site, house prices have gone up from an average of £206,145 in 2005 to £268,885 in 2011.
This is an increase of 30% over six years – more than the average 25% increase for the whole of England and Wales.
“Overall house price performance among the postal districts that are in close vicinity to the Olympic park has been generally positive since London’s successful bid in 2005,” said Suren Thiru, Housing Economist at Lloyds TSB.
“Some areas close to the main site for the 2012 London Games have experienced a sharp rise in property prices, reflecting increased buyer interest as well as the regeneration taking place there.”
In some areas the increase was even greater, with two postal districts seeing a rise of more than 50% since 2005.
But despite the increases, the East End remains one of the cheapest areas in London for property. The average house price in the 14 postal districts is still 22% below the London average.
“Over the long term, house prices in the East End of London are likely to be supported by the Olympic legacy of improved infrastructure and transport links,” added Ms Thiru