Newham house prices lag behind London despite Olympics boost
PUBLISHED: 12:30 13 August 2011
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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.