Search

Newham house prices lag behind London despite Olympics boost

PUBLISHED: 12:30 13 August 2011

Stagnant house prices despite Olympic factor

Stagnant house prices despite Olympic factor

2008 Getty Images

House prices in Newham have failed to keep pace with the rest of London despite a boost from the Olympics, according to a UK property website.

Figures released by Zoopla.co.uk reveal that values for homes near the Olympic Stadium in East London have increased by 19 per cent since the city was awarded the Games in July 2005, above the national average of 7 per cent but well down on growth in the capital of 27 per cent.

Nicholas Leeming, business development director of Zoopla.co.uk, said: “The under performance of the London venues says far less about the Olympics than it does about the overall London property market which has outperformed the rest of the UK by a wide margin in the last few years.

“And it is unlikely that property in East London would have seen anything like the value growth it has without the Olympics.”

Dhiren Mistry, of Albany Estates in Plaistow, said that there was no sign of an Olympic boom in house prices in Newham.

The estate agent expected home values in Stratford to receive a temporary boost from the Games but described the overall property market as “stagnant” in the borough with home buyers and investors continuing to shop for bargains.

House prices in Newham fell by 3 per cent during the second quarter, according to Nationwide data.

A survey by Halifax, meanwhile, has revealed that Newham is in the bottom four areas in the country for savings, despite relatively high house prices.

The high street bank said residents in the borough were saving an average of less than £4,000.

0 comments

Latest Newham News Stories

Five years ago today, Stratford was the centre of the world’s attention as it played host to the opening ceremony of London 2012.

Elizabeth Olympic
Yesterday, 17:56

An man has today been arrested in east London on suspicion of dissemination of terrorist publications.

Yesterday, 17:07

An East Ham pensioner at risk of developing diabetes has completed a 100km walk to help keep the condition at bay.

Newham
Yesterday, 15:39

The ArcelorMittal Orbit will play host to an interesting new type of ice cream this week to riders of The Slide.

Elizabeth Olympic

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

Show Job Lists

Competitions

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Read more

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now