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Newham still awaiting Olympic Games house price legacy

18:00 13 September 2012

The Olympics have come and gone - but to what effect? Picture by Dominic Lipinski/PA

The Olympics have come and gone - but to what effect? Picture by Dominic Lipinski/PA

PA Wire/Press Association Images

The average Newham property price has grown by just a quarter since London was awarded the Olympics.

The borough’s housing market was expected to have been boosted by the arrival of the Games.

But the rise has failed to match the average London house price, which has gone up by 60 per cent since 2005.

Miles Shipside, from Rightmove, which collated the figures, said all was not lost for Newham sellers.

He said: “In spite of Newham being home to most of the Olympic Park and ExCeL, intriguingly, it has not even fared half as well in property price performance terms compared to the London average.”

“Many local property owners will be hoping the momentum will lead to an influx of buyer demand to further boost prices as the area settles into the post-Games era.”

Rightmove believes the London-wide rise in house prices over the same period has been fuelled by foreign buyers.

They are attracted to the more established central London boroughs.

The findings come after Newham also recorded London’s largest annual house price fall - with the average property costing around £220,000.

This is more than three times cheaper than the City of Westminster.

In all, the price gap between the average asking price in Newham and the London average has grown from 32 per cent in July 2005 to 46 per cent in August 2012.

But the borough is not alone. Barking and Dagenham has seen average property prices rise by just 15 per cent in the seven years, while Waltham Forest recorded a 24 per cent increase.

Mr Shipside added: “With the Olympic athletes’ village accomodation being released to residential use and the area being free of Olympic disruption, property buyers will have a clearer opportunity to consider Newham.

“For those looking for lower average property prices and affordability it is the third cheapest in the capital.”

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