Average house prices in some parts of London have doubled since 2012 Olympics

·2 min read

Average house prices have more than doubled in some parts of London since it hosted the 2012 Olympics, analysis has found.

All six Olympic host boroughs (Newham, Hackney, Waltham Forest, Tower Hamlets, Greenwich and Barking and Dagenham) have witnessed house prices rise by more than the London average, Nationwide Building Society said.

Waltham Forest recorded the biggest increase, with a 106% uplift in average house prices there since 2012.

Andrew Harvey, senior economist at Nationwide, said: “With the Tokyo Olympic Games now in full swing, we’ve analysed how house prices have fared across the six host boroughs for the London 2012 Olympic and Paralympic Games.

“The London Games saw extensive redevelopment of brownfield sites in and around Stratford to create the Queen Elizabeth Olympic Park as well as significant improvements to the transport infrastructure serving the area.

“The top performing area was Waltham Forest, where average house prices have more than doubled since 2012.

“This compares with a 61% average increase in London over the same period and 49% across the UK overall.

“The southern edge of the borough includes a section of the Olympic Park containing the Lee Valley VeloPark and Lee Valley Hockney and Tennis Centre, but the main residential areas in the borough are Leyton, Walthamstow and Chingford.

“Barking and Dagenham and Newham have also seen significantly stronger growth than the London average, with prices increasing by 86% and 81% respectively.

“Newham was at the centre of the 2012 Games, with Stratford seeing major redevelopment and infrastructure investment.”

Here are average house prices in May 2021 and the percentage increase since August 2012, according to Nationwide Building Society:

– Waltham Forest, £487,133, 106%

– Barking and Dagenham, £308,760, 86%

– Newham, £389,309, 81%

– Hackney, £553,032, 66%

– Greenwich, £400,216, 66%

– Tower Hamlets, £474,144, 63%

– London, £497,948, 61%

– UK, £254,624, 49%

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