Halifax house prices

Houses near Olympic Park soar in price

Since the London Olympics in 2012, house prices in 14 areas surrounding the Olympic Park have risen by an average of 64%, according to new research from Halifax.

This is more than three times faster than the national increase and has overtaken the rest of London.

House prices in these 14 areas have recorded average monthly increases of £4,279 (between September 2012 to April 2017) with average house prices in these areas now £470,687 – an increase of £184,004 (64%).

The price performance in the 14 east London areas has outpaced London as a whole over the last five years, with the average price of a house in the capital increasing by £160,986 (38%) to an average price of £584,190.

In cash terms, the average house price increase in the 14 postal districts is four times the rate seen in England and Wales (£184,004 v £45,163).

Nationally, property values grew on average by 19% over the same period, from £234,985 to £280,148.

Walthamstow has seen its house prices surge the fastest among the 14 areas since the London Olympics with prices doubling from £238,348 to £479,421 – an increase of £241,073 (101%).

Five other areas have seen prices rise by more than £200,000: Homerton (£232,909), Clapton (£231,488), Shoreditch (£230,051), Dalston (£207,297) and Leyton (£206,876).

Martin Ellis, housing economist at Halifax, said: “Hosting the 2012 Games welcomed major regeneration to boost areas close to the Olympic Park in east London.

“Large-scale infrastructure investment in the existing tube networks, an international rail station and now Crossrail have not only created jobs in the area, but improved options for people to move around the capital.

“This has enabled homeowners in the 14 postal areas closest to the Olympic Park to celebrate their own victory as a result, as the average value of their homes has risen by more than £4,000 per month since the Paralympic Games ended in 2012.

“Not only has this area been reinvigorated as a community, but average property price growth in this part of east London has raced ahead of England, Wales and even Greater London as a result.”

Since securing the bid to host the 2012 Games in July 2005, four areas close to the park have recorded price growth in excess of £300,000.

The greatest increase has been in Clapton from £217,338 to £574,332 – an increase of £356,944 (164%), followed by Dalston (£352,148), Homerton (£346,175) and Shoreditch (£345,527).

A further six of the 14 areas closest to the main site have seen average house prices rise by over £200,000 since July 2005, including Forest Gate (£224,696), Bow (£254,389) and Leytonstone (£271,789).

All 14 areas have recorded a price growth of at least £140,000 in the past 13 years.

Halifax house prices

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