Gold Run for East London as House Prices Rise By GBP 1,000 per Month Since London 2012 Bid Win
- Property prices continue to rise since end of the Games in September - Prices in Olympic Park surrounding areas outperform national markets - Price growth rival Greater London during this period
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwired) -- 08/02/13 -- To celebrate the first anniversary of London 2012 Olympic Games opening ceremony, looks at house price performance in areas close to the Olympic Park since the Games were awarded to the capital in July 2005.
Homeowners in the 14 postal districts1 in East London closest to the Olympic Park have seen the average value of their property rise from GBP 206,154 in July 2005 to GBP 298,6032 in March 2013. This represents growth of 45% (GBP 92,000) over the period, equivalent to a monthly increase of GBP 994. (See Table 1)
Property values in areas surrounding the Olympic Park have outperformed national markets over the same period. The average house price in England and Wales grew by nearly a third (29%) from GBP 185,642 to GBP 239,887 in the eight years to March 2013. Price growth in East London areas also outperformed Greater London as a whole during the period by 35%. The findings show price differential narrowed in the eight years, with average property values in areas close to the Olympic Park 19% lower than the rest of London, compared to 25% in 2005.
The house price premium between the average in the 14 East London areas and the rest of England and Wales has more than doubled from 11% in July 2005 to 24% in March 2013.
Property values in Olympic areas outpace the national market in the past year
In the past year, house prices in the 14 areas closest to the Olympic Park rose by 10%, from GBP 271,509 in March 2012 to GBP 298,603 a year later, compared to just over 4% for England and Wales. Manor Park and Clapton have recorded the largest price growth since March 2012, 17.4% and 16.8% respectively. (See Table 2)
Five areas close to the Olympic site see average price rise by over GBP 115,000 since July 2005
Five of the 14 areas closest to the main site have seen their average house price rise by over GBP 115,000 since London won the bid to hold the Games. Daltson recorded the largest increase (GBP 165,606), followed by Homerton (GBP 161,147), Shoreditch (GBP 151,487), Clapton (GBP 147,828) and Bethnal Green (GBP 116,709).
Half of the areas closest to the Olympic Park now have an average house price of over GBP 300,000 - there were none in July 2005
Seven of the 14 areas closest to the Olympic Park now have an average property value of over GBP 300,000. These include Daltson (GBP 397,914), Homerton (GBP 376,419), Shoreditch (GBP 371,564) and Clapton (GBP 365,728). The most expensive area in July 2005 was Leytonstone with an average property price of GBP 234,239.
The most affordable area is Plaistow (GBP 193,159), followed by East Ham (GBP 207,888) and Forest Gate (GBP 228,839).
Nitesh Patel, Housing Economist at said:
"The regeneration of East London as a result of winning the bid to host the 2012 Olympic and Paralympic Games has seen large investment in infrastructure, rail and tube networks. A major shopping mall served the Games and importantly, the wider area over the longer term.
"Homeowners in the 14 postal areas closest to the Olympic Park have seen the average value of their homes rise by GBP 1,000 per month since July 2005. Prices in this part of East London have, on average, increased at a faster rate than in England, Wales and Greater London as a whole. The impact on future property values will continue to depend on how the Olympic site is transformed as a place for the community."
Table 1: Change in house prices in postal districts close to the Olympic Park since London was awarded the Olympic Games - July 2005 to March 2013
Source: Land Registry, Lloyds TSB
(i)Weighted average of the 14 postal districts close to the Olympic Park and are for transactions in 12 months to July 2005 and March 2013
Table 2: Change in house prices in postal districts close to the Olympic Park, March 2012- March 2013
Source: Land Registry, Lloyds TSB
(i)Weighted average of the 14 postal districts close to the Olympic Park
NOTES TO EDITORS:
(1) Postal districts close to the Olympic Park used to define the following fourteen postal districts that are located close to the site of the 2012 Olympics: Bethnal Green, Bow, Clapton, East Ham, Forest Gate, Dalston, Homerton, Leyton, Leytonstone, Manor Park, Plaistow, Shoreditch, Stratford and Walthamstow.
(2) London house price performance has been measured over the period July 2005 to March 2013. The London house prices quoted in this release are taken from the Land Registry database and refer to 12 month averages. Prices are arithmetic average prices of houses - otherwise known as crude averages - and are based on Land Registry completions. These prices are not standardised and therefore can be affected by changes in the sample from year to year - therefore, care should be taken when comparing prices.
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Datum: 02.08.2013 - 13:36 Uhr
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