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 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, 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.


Latest Newham News Stories


As the Essex Investigator he solved cases across Newham. Now the PI shows reporter Mark Shales the dangers of the internet.


Five companies have been given a total of £20,000 in grants thanks to The International Quarter Community Fund.

Yesterday, 20:09

London City Airport has reopened following a suspected chemical incident this afternoon.

London Fire Brigade
Yesterday, 16:48

London City Airport has been evacuated following reports of a ‘chemical incident’ which has hospitalised two people.

Newsletter Sign Up

Most read news


Show Job Lists


Cosmetics, toiletries, vitamins and more. Boots is the number one choice when it comes to purchasing daily essentials.

Read more

If you’re obsessed with Apple or just love a good gadget, this is a prize that will blow you away! An incredible £3,333 to spend on Apple goodies! How would you like to be the proud new owner of the Apple Watch?

Read more

Digital Edition


Enjoy the
Newham Recorder
e-edition today


Education and Training


Read the
Education and Training
e-edition today

Read Now