With the 10th anniversary of the opening ceremony today [See Editor’s Notes], postal districts and boroughs around East London and the Olympic Park have seen house prices rise well ahead of other areas across London since 2012, according to analysis by Lloyds Bank.
Waltham Forest took gold for the highest house price growth of any London borough in the 10 years since the London Games, with a rise of 122% to £537,277. In silver and bronze positions were Newham, with prices up 98% to £429,734, and Hackney, which saw growth of 98% to £705,101. These compared to rises of 61% on average across Greater London and 47% for England & Wales. [See Table 3 in full press release].
Looking specifically at the postal areas within East London, Homerton took the winner’s position for greatest rise in house prices. Neighbouring the Olympic Park to the west, Homerton, which has transport links to central London via the Overground service, has seen average house prices rise 210% to £682,585, since 2012. This is more than three times the rate of growth for London as a whole. Dalston, to the north of fashionable Hoxton, came in second place, with prices up 206% to £724,860. [See Table 1 in full press release].
In the last year, house price growth in the Olympic boroughs has been subdued. While Richmond on Thames saw prices up 10% to £973,254, rises were a more modest 5% in Hackney, 4% in Waltham Forest, and largely flat in Newham. [See Table 4].
Narrowing in to the postal towns of East London, Homerton has continued to see prices rise faster than its East End neighbours, and Greater London in the last year. House prices rose 11% (up £67,423) over the last 12 months, compared to 3.5% for London, and 9% for second placed Leytonstone (up £56,949). Several areas saw little or no rises last year, including Dalston, Clapton, and Bow [See Table 2 in full press release].
Jayne Jones, Mortgage and Protection Director, Lloyds Bank, said: “Whether it is solely the impact of the investment ahead of the Olympics or a combination of other factors, such as the relative affordability of property, house prices in the East of London have outperformed the rest of the Capital by some way since 2012.
“Homerton, to the west of the Olympic Park, is the postal district in East London that has seen house prices perform best since the 2012 Olympics, rising 210% to £682,585. This is double the average across East London, and more than three times that of London as a whole.
“Waltham Forest (122%), Newham (98%), and Hackney (98%) have all outperformed their neighbouring boroughs, Greater London (61%), and England & Wales (47%) since the Olympics when it comes to house prices. Transforming a derelict industrial estate into the Queen Elizabeth Olympic Park, together with the wider regeneration in the area, has attracted investment from retail, leisure, industry, the arts, and education, and has generated thousands of jobs.”