Olympics bring house price boost

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Certain areas of London close to the main site for the London 2012 Olympic and Paralympic Games have seen a sharp rise in house prices since the capital was awarded the Games in July 2005.

Homerton and Shoreditch, both in the borough of Hackney, have seen average property prices rise by 69% and 53% respectively, significantly above the Greater London average of 36%.

There has, however, been a mixed performance in property prices with Stratford, the home of the Olympic Stadium, seeing only a 3% increase in average prices, slower than any of the other postal districts.

Today marks two years to the day until the opening ceremony.

House prices in the Olympic Park areas have bounced back strongly from the downturn in the housing market, rising by 13% between April 2009 and April 2010. This was almost three times the average rise across England (5%), but slightly lower than the London average (16%).

The average house price among the postal districts near Olympic Park is £262,953.

The least expensive postal district is Plaistow with an average house price of £196,426, followed by East Ham (£203,500) and Leyton (£209,769).

Suren Thiru, housing economist, Lloyds TSB, said: “Some areas close to the Olympic Park have experienced a sharp rise in property prices since London’s successful bid to host the 2012 Olympic and Paralympic Games. Part of this rise is likely to have been due to an increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place. The picture

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