London is reaping the rewards of the investments it made in the 2012 Olympic Games, with the capital’s 6 host boroughs growing 64% on average, 11.2% more than the city average.
With Rio 2016 almost underway, property crowdfunding platform, Property Partner, has found that the six Olympic boroughs for London 2012 have outperformed most other local authority areas in the host city in terms of house price growth.
Waltham Forest takes gold with the highest increase of 76.6% out of all London’s 32 boroughs. Hackney also secures podium place with 66.9% rise in average property prices since the Games four years ago
Non-Olympic borough Lewisham squeezed into second place, with average house prices accelerating by 67.9% in the four years partly due to interest from homebuyers in Blackheath, Brockley and New Cross.
Former Mayor of London, Boris Johnson MP, identified the host boroughs as areas that would benefit from investment around the Queen Elizabeth Olympic Park in East London.
Dan Gandesha, CEO of property crowdfunding platform Property Partner, comments: “London 2012 was the catalyst for a flood of investment into the capital, much of which was injected into regenerating some of the capital’s most disadvantaged boroughs.
“The economic legacy of the Games – supporting new jobs and skills, encouraging trade, inward investment, tourism and improved transport links – has meant a corresponding rise in house prices in the six host boroughs. The economic, social and environmental gap between these boroughs and the rest of London is closing.
“Over the next few years, the capital will further benefit from significant infrastructure projects – particularly Crossrail where areas that were relatively inaccessible will suddenly be on London’s doorstep. In turn, like the Olympic effect, house prices around Crossrail’s 40 stations are continuing to see an upward trend despite post-Brexit uncertainty.
“The reality is, no one can say for sure what will happen just now. But the fundamentals of the capital’s housing market are self-evident – demand far outstrips supply, which is further exacerbated by population growth and low borrowing costs. Moreover, the Bank of England is likely to reduce base rates even further in the very near future.”