London Olympics led to huge local house price boost
Average house prices in the London borough of Waltham Forest have more than doubled since 2012, according to Nationwide, increasing by 106% since the London Olympics was hosted by the borough.
That’s more than double the percentage increase across the UK overall, said the building society.
In fact, all six Olympic host boroughs (Newham, Hackney, Waltham Forest, Tower Hamlets, Greenwich and Barking & Dagenham) have seen house prices rise by more than the London average over the last 11 years.
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 a 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. Today the park is home to five permanent sports venues, including the London Stadium, London Aquatics Centre, Lee Valley VeloPark, Lee Valley Hockey and Tennis Centre and Copper Box Arena. By 2031, it is expected that more than 55,000 people will be living in the park across five neighbourhoods.
“Over the last nine years, each of the host boroughs – Newham, Hackney, Tower Hamlets, Greenwich and Barking & Dagenham – have seen average house prices increase by more than the London average and also the UK overall.”
The top performing area was Waltham Forest, said Nationwide, where average house prices have more than doubled since 2012. This compares with a 61% average increase in London over the same period (August 2012 to May 2021), and 49% across the UK overall.
Barking & 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.
The former athletes’ village has been transformed into the East Village housing development. Redevelopment has continued apace in the borough, which is also set to the benefit in the future from Crossrail services.