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House price boost for homeowners in Olympic boroughs like Hackney, Greenwich, and Tower Hamlets
Homeowners in the six Olympic and Paralympic boroughs have enjoyed a legacy of faster rising property prices in the four years since the Games, a report claims today.
Major investment and regeneration in Hackney, Newham, Barking and Dagenham, Greenwich, Tower Hamlets and Waltham Forest has helped push prices up by 64 per cent on average since the Opening Ceremony in July 2012.
This is 11.2 per cent more than the London average of 52.8 per cent, according to research from crowdfunding firm Property Partner.
The biggest rise of all was in Waltham Forest, which hosted the wheelchair tennis event, with a 76.6 per cent uplift to an average of £418,146.
Hackney came third with a 66.9 per cent rise to £ 541,337.
Dan Gandesha, chief executive of Property Partner, saids: “London 2012 was the catalyst for a flood of investment into the capital, much of which was injected into regenerating some of the capital’s most disadvantaged boroughs.
“The economic legacy of the Games – supporting new jobs and skills, encouraging trade, inward investment, tourism and improved transport links – has meant a corresponding rise in house prices in the six host boroughs. The economic, social and environmental gap between these boroughs and the rest of London is closing.
“Over the next few years, the capital will further benefit from significant infrastructure projects – particularly Crossrail where areas that were relatively inaccessible will suddenly be on London’s doorstep. In turn, like the Olympic effect, house prices around Crossrail’s 40 stations are continuing to see an upward trend despite post-Brexit uncertainty.
“The reality is, no one can say for sure what will happen just now. But the fundamentals of the capital’s housing market are self-evident – demand far outstrips supply, which is further exacerbated by population growth and low borrowing costs.
“Moreover, the Bank of England is likely to reduce base rates even further in the very near future.”