East End house prices continue to benefit from Olympic glow
With just a few days to go before the opening ceremony of the London 2012 Olympic Games, new research from Lloyds TSB reveals that homeowners living close to the main site of the London 2012 Olympic and Paralympic Games have seen the value of their home rise by nearly £70,000 since London's winning bid was announced in July 2005. What’s more, house prices in the area have outperformed the national market in the past year.
Suren Thiru, housing economist, Lloyds TSB, commented:
"In general, house prices in the East London postal districts closest to the main Olympic site have performed relatively well since London was awarded the 2012 Olympics in 2005. This partly reflects greater interest in these locations from both buyers and investors emanating from the award of the Games and the large scale regeneration taking place there, including improved transport links."
"However, the real Olympic legacy for the East London property market may well only be seen long after the closing ceremony as the dramatic transformation of this part of the capital is completed."