Olympics puts huge effect on value of homes in England
The value of the homes near the main site of the 2012 Games have increased in value by nearly £70,000 since London was awarded the Olympics about seven years back. On an average the house price across the 14 postal districts closest to the main site was £273,157 in the month of March.
The latest figures from the Lloyds TSB has revealed an increase of 33% since July 2005 which is equivalent to a weekly increase of £207. The overall house prices in England and Wales has gone up by 24% on an average over the same period.
Among the 14 districts, Dalston is the costliest district and is closest to the main site with an average house price of £355,963. Homerton is the second most costly with an average price of £341,823, while Plaistow is the most affordable district with an average house price of £189,167.
Housing economist, Suren Thiru of Lloyds TSB said, “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.” The games are all set to begin on July 27, 2012.