London 2012 Olympic Boroughs Outperform Other Areas in House Price Growth

The six Olympic boroughs for London 2012 are continuing to outperform the majority of other local authority areas in the capital in terms of house price growth, according to Property Partner.

The residential property crowdfunding platform has found that over the last four years, major financial investment has boosted property prices in the ‘Olympic Boroughs’ by an average of 64%.

The six boroughs are Waltham Forest, Tower Hamlets, Greenwich, Barking and Dagenham, Newham and Hackney.

Meanwhile, in the same four year period, the average property price increased by a healthy 52.8% throughout the 32 boroughs of London.

The latest study has been produced as athletes arrive in Rio for the 2016 Olympic Games, with Property Partner analysing the UK House Price Index, using data since the 2012 games in London.

The best performing borough was Waltham Forest with a 76% growth in average property prices in London, with the average house price in the East London borough up from £236,796 in 2012 to £418,146 today.

Elsewhere, the most notable increases were seen in Lewisham (non-Olympic borough), Hackney and Newham.

Boris Johnson, former Mayor of London, had previously outlined the host boroughs as areas of the capital that would benefit greatly from the Queen Elizabeth Olympic Park investment in East London.

CEO of property crowdfunding Platform Partner, Dan Gandesha, commented: “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.”

He added that over the next few years, London will benefit further from significant infrastructure schemes, in particular the Crossrail project.


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BDC 305 Jun 2023