Houses which are located near the Olympic Park have seen a 45 per cent rise in value since 2005, research has found.
According to standard.co.uk, back in 2005 when London won the right to host the Olympics, the houses in the 14 closest postal districts to the park were worth £206,154 on average. Now, the properties are worth in the region of £298,603, an increase of £92,000.
The study, by Lloyds TSB, says that price growth in East London has been bigger than Greater London, beating it by 35 per cent, reports londonlovesbusiness.com.
Dalston, one of the areas closest to the park, enjoyed the biggest house price rise at £165,606. Homerton, Shoreditch and Bethnal Green closely followed, as they all saw rising house prices of more than £115,000.
The rise in housing prices is good news for both homeowners and estate agency recruitment in the East London area. Experts hope the surrounding areas will continue to see an increase in growth over the next few years.
Housing economist at Lloyds TSB, Nitesh Patel, said: “The regeneration of East London, as a result of winning the bid to host the 2012 Olympic and Paralympic Games has seen large investment in infrastructure, rail and tube networks. A major shopping mall served the Games and importantly, the wider area over the longer term.”