House Prices In Olympics Area Fail To Race Ahead

House prices in East London have not received a golden glow from the Olympics effect. They have gone up by an average of nearly £60,000 since London was awarded the Olympic Games in July 2005.

But in percentage terms, the East End has done no better than the rest of England and Wales, and has fared much worse than most of London.

According to calculations by Lloyds TSB, average prices in the 14 postal districts closest to the main site for next years Games rose by 28%, exactly the same rise as across England and Wales, and much less than the 48% average house price increase in London for the same period.

The average house price in the East End has gone from £208,148 in July 2005 to £266,730 in May 2011 the equivalent of a weekly increase of 192 pounds. But the figure of 266,730 pounds compares with the average price for London as a whole of 418,487 pounds.

In three of the 14 postal districts, house prices have risen by over 100,000. But in East Ham and Plaistow, prices have risen by just 8%, and Stratford home of the Olympic Stadium prices have gone up by only 13%.

Suren Thiru, housing economist at Lloyds TSB, said: Looking ahead, the long-term Olympic legacy for East London of improved infrastructure and transport links is likely to help underpin house prices in the area over the coming years.

The bank is a partner of the Olympic Games.

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