Olympic Park Property Prices ‘Outsprinting’ London & UK Average

Timber frame houses. Arrow heads symbolizing rising property, finance, tax or mortgage rates.

Those of you lucky enough to have timber frame houses in and around the Olympic Park might want to think about having your property valued. New research from Halifax has just revealed that those living closest to the Park have seen prices outsprint both London and the UK average – so if you’re thinking of relocating, now might be a good time.

The study indicated that the average property prices in the 14 postal districts in East London closest to what was known as the Queen Elizabeth Olympic Park have climbed by 64 per cent (or £184,004) since September 2012 to reach £470,687 in April this year. This is the same as a monthly increase of £4,279.

Walthamstow in particular has shown the fastest hike in prices of these 14 areas, with the average house price doubling in just five years. The average house price is now £479,421 – a rise of 101 per cent!

Meanwhile, four areas close to the Park have seen price growth in excess of £300,000 since the Olympic Games took place in the capital in July 2005 – Clapton, Dalston, Homerton and Shoreditch.

Housing economist with Halifax Martin Ellis said: “Hosting the 2012 Games welcomed major regeneration to boost areas close to the Olympic Park in East London. Large scale infrastructure investment in the existing tube networks, an international rail station and now Crossrail have not only created jobs in the area, but improved options for people to move around the capital.

“This has enabled homeowners in the 14 postal areas closest to Olympic Park to celebrate their own victory as a result, as the average value of their homes has risen by more than £4,000 per month since the Paralympic Games ended in 2012. Not only has this area been reinvigorated as a community, but average property price growth in this part of East London has raced ahead of England, Wales and even Greater London as a result.”

This comes after JLL found that house and land prices are now so high in the capital that big building companies are finding it difficult to pull together the resources required to start projects in the city. It was found that the number of companies launching new projects in London dropped by 75 per cent in the last quarter of 2016, while prices for new builds fell by 5.6 per cent.

Off the back of this, it’s highly likely that interest in land on the peripheries of London will increase because construction costs and land prices will be reduced… and housing demand is still on the rise.

If you’re keen to move closer to London, self-building on the outer edges might be the most cost-effective way of investing in property in this part of the UK. Self-builds can often be worth a lot more than the cost of construction – so you could end up in profit at the end.

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