Olympic Games lead to house price rises

Posted 26/07/2011

Brits may want to seek the advice of a residential conveyancing solicitor if they are thinking of buying a house in east London.

This is because, according to new figures from Lloyds TSB, property prices in the area have increased since it was revealed the city would host the 2012 Olympic Games.

The announcement came in 2005 and during the following six years, house values in the areas near to the main event site have grown by an average of £60,000.

Furthermore, Homerton, Dalston and Bethnal Green have experienced increases of more than £100,000.

The Games are set to take place between July 27th and August 12th next year, with the Paralympic events beginning on August 29th.

Suren Thiru, housing economist at Lloyds TSB, believes this property trend may continue after the sporting spectacle.

“Looking ahead, the long-term Olympic legacy for east London of improved infrastructure and transport links is likely to help underpin house prices in the area over the coming years,” he said.

If you need help with residential conveyancing, the team at Ashtons Legal can offer professional advice.