Olympic house price legacy? Boroughs outdo rest of London



Postal districts and boroughs around East London and the Olympic Park have proved to be a savvy investment compared to the rest of London since 2012,  analysis by Lloyds Bank has revealed.

Waltham Forest took gold for the highest house price growth of any London borough in the 10 years since the London Games, with a rise of 122% to £537,277.

In silver and bronze positions were Newham, with prices up 98% to £429,734, and Hackney, which saw growth of 98% to £705,101.

Homerton leads house price rises amongst East London postal districts (210%). The area neighbours the Olympic Park and has transport links to central London.

These compared to rises of 61% on average across Greater London and 47% for England & Wales.

Jayne Jones, mortgage and protection director, Lloyds Bank, said: “Whether it is solely the impact of the investment ahead of the Olympics or a combination of other factors, such as the relative affordability of property, house prices in the East of London have outperformed the rest of the Capital by some way since 2012.

“Homerton, to the west of the Olympic Park, is the postal district in East London that has seen house prices perform best since the 2012 Olympics, rising 210% to £682,585. This is double the average across East London, and more than three times that of London as a whole.”

Dalston, to the north of fashionable Hoxton, has been the second biggest growth area, with prices up 206% to £724,860.

Homerton

In the last year, house price growth in the Olympic boroughs has been subdued. While Richmond on Thames saw prices up 10% to £973,254, rises were a more modest 5% in Hackney, 4% in Waltham Forest, and largely flat in Newham.

In the past year Homerton in East London has continued to see prices rise faster than its East End neighbours, and Greater London in the last year.

House prices rose 11% (up £67,423) over the last 12 months, compared to 3.5% for London, and 9% for second placed Leytonstone (up £56,949).

Several areas saw little or no rises last year, including Dalston, Clapton, and Bow.

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