Data reveals house price rises in Olympic boroughs since London 2012

Queen Elizabeth Olympic Park (Picture: LLDC)

London 2012 saw extensive redevelopment of brownfield sites around Stratford to create the Queen Elizabeth Olympic Park. - Credit: LLDC

House prices across the six Olympic host boroughs have grown faster than the London average since the 2012 Games, analysis has revealed.

Rises of more than 80 per cent have been experienced in both Barking and Dagenham and in Newham - significantly stronger than the London average of 61 per cent, a study of Land Registry and ONS data by Nationwide Building Society found.

Nationwide senior economist Andrew Harvey said: "The London Games saw extensive redevelopment of 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.

"By 2031, it is expected that more than 55,000 people will be living in the park across five neighbourhoods."

Queen Elizabeth Olympic Park is now home to five permanent sports venues: the London Stadium, London Aquatics Centre, the Lee Valley Hockey and Tennis Centre and VeloPark and the Copper Box Arena.

In Barking and Dagenham, the average price has risen 86pc from £166,180 in August 2012 to £308,760 in May this year.

Newham prices have grown 81pc from £214,977 to £389,309 in that time.

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However, these prices are still relatively cheap for the capital, with the average house price across London now £497,948 (up from £310,043 in 2012).

Mr Harvey said: "“Barking and Dagenham and Newham have seen significantly stronger growth than the London average.

"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 benefit in the future from Crossrail services.”

Of all the Olympic host boroughs, the biggest housing boom has been in Waltham Forest, with a rise of 106pc since 2012.

Prices there have shot up from £236,018 at the time of the London Olympics to £487,133 in May.

The average house price in both Hackney and Greenwich has grown by 66pc to £553,032 and £400,216 respectively.

Tower Hamlets has seen a rise of 63pc (now £474,144).