Search

Newham house prices lag behind London despite Olympics boost

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 News Stories

Yesterday, 11:39
Kala Mehra is the Befriending Volunteer of the Year

A kind-hearted Newham woman has been named the Age UK Befriending Volunteer of the Year.

Yesterday, 11:20
The gang preyed on the elderly and then laundered the money

A gang of fraudsters who conned elderly residents out of £250,000 for bogus drain repairs have been punished for what police called a “heartless conspiracy”.

Surrey
Yesterday, 10:00
Planned engineering work could affect your journey this weekend.

There is a relatively minor programme of planned closures on the Tube and Overground network this weekend - but they could still affect your journey. Read on for the lowdown.

Yesterday, 07:00
Shops in East Ham's High Street are set for Black Friday sales

It’s known to send some shoppers into a frenzy, with reports of people being trampled in the rush to bag a bargain.

United States

Most read news

The comedian returned to his home town for the prestigious award ceremony.

The helicopter crashed through the roof of the Clutha pub.

Twitter sat back and watched as the world went bargain-hunting crazy on Black Friday.

There was definitely something buzzing at JCB when he delivered his immigration speech.

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition