East End postcodes feel Olympic ripple
Published On 2 February 2007
The upcoming 2012 London Olympics are causing a property boom in East End postcodes with increasing prices spreading through the boroughs of Leytonstone, Bow, Shoreditch and Stratford. Research from Halifax has found that despite there being 2,000 days to go until the start of the London Olympics in 2012, house prices have jumped by 15 per cent since the second quarter in 2004.
And there have been marked increased in east London postcodes with house prices in the three London postal districts of Leytonstone, Hackney and Clapton rising by at least £35,000.
Leytonstone saw the biggest increase at 23 per cent (£50,714), followed by Hackney in second place at 21 per cent (£48,578) and Clapton at 18 per cent (£38,895).
Stratford, the main focal point for Olympic construction activity, has seen an eight per cent (£16,801) increase in average house prices since June 2004 up to £225,652.
Tim Crawford, Halifax Estate Agents spokesman, said: "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.
"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."
