The London boroughs which were home to the 2012 Olympics have seen their house prices soar higher than the capital’s average, according to a new study.
Tower Hamlets, Newham, Hackney, Barking and Dagenham, Waltham Forest, and Greenwich have all seen their property prices rise rapidly since hosting the Olympics.
House prices rose by over 80 per cent in Newham and Barking and Dagenham, analysis by Nationwide based on data from the Land Registry and the Office for National Statistics has found.
This was significantly higher than the London average of just over a 60 per cent rise since 2012.
And it is far higher than the average UK rise in house prices in the same period of 49 per cent.
Waltham Forest was the borough with the largest increase, with property prices more than doubling with a 106 per cent increase.
Tower Hamlets also recorded an increase slightly above the London average at 63 per cent.
Stratford was the hub for the 2012 Olympic games and dozens of venues built for the games are now permanent fixtures in Newham.
Projects including the London Stadium, the London Aquatics centre, and the Olympic village (now the residential East Village) have all contributed to the change in the borough’s economy.
Andrew Harvey, chief economist at Nationwide Building Society, said that the 2012 games had been the ‘catalyst’ for increased house prices in Newham and the other host boroughs.
He told the local democracy reporting service: “Our analysis suggests that since the London 2012 Olympics, the six host boroughs have all seen average house prices increase by more than the London average.
“The games saw extensive redevelopment of sites in and around Stratford, and acted as a catalyst for regeneration in the wider area, which has also seen significant improvements in transport infrastructure.
“This has raised the profile of these boroughs and attracted home buyers to look out east.”
Hackney has the highest average house price of the 2012 host boroughs with £553,032, above the London average of £497,948.
Waltham Forest has the second highest with £487,133, while Tower Hamlets had an average of £474,144 and Newham’s average asking price is £389,309 – all still below the London average.