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London Olympics’ Legacy Lives on Through Housing
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The London Olympics’ legacy continues to live on through the housing market, according to the latest research by hybrid estate agent eMoov.co.uk.
The firm found that since the London Olympics in 2012, property values in Stratford’s Olympic Village have shown greater strength than prices across the capital as a whole.
London Olympics’ Legacy Lives on Through Housing
Having been originally built to accommodate those competing in the Games, the Olympic Village has since been designated its own postcode (E20) and utilised as a residential complex, helping to tackle the capital’s housing shortage.
Although many cities have seen their Olympic legacies fade, it was widely believed that London would continue to benefit from the extensive regeneration it experienced ahead of the 2012 event. But what benefit, if any, has this regeneration brought to the London housing market?
The average property price in Stratford’s Olympic Village is now £459,199. Although this is significantly lower than the London average of £550,000, prices have soared by a huge 43% in the E20 postcode since the complex’s construction.
Over the same period, the London market as a whole has seen an average increase of 38%, despite widespread inflation as a result of high demand and a chronic lack of housing stock.
In England, the average house price rise was even lower, at 24%, taking the typical property value to £257,567.
Those that purchased property in the Olympic Village certainly seem to have won gold when it comes to housing; not only has house price growth outpaced the rest of the capital, property values are much more affordable than in London as a whole.
The founder and CEO of eMoov, Russell Quirk, says: “It goes to show that regardless of whether you thought the London Olympics was money well spent or not, the regeneration of what was essentially an east London wasteland has helped to breathe new life into the area where property is concerned.
“Yes, the area may have benefitted more so because of the Games, but we’re now four years on and the Olympic Park has seen a larger property value increase than the capital as a whole. That’s no coincidence. What has been done with Stratford should be an example that we should look to replicate right across London.”
With such potential for substantial capital growth and affordable house prices, could Stratford be your next investment spot?
