Time is running out for people to put forward their suggestions for the names of the new neighbourhoods due to spring up around the Olympic Park.

Entries for the Legacy Company’s Your Park, Your Place competition must be received by next Wednesday.

More than 1,200 submissions have already been received, with inspiration coming from the history of the area and famous figures.

Suggestions for the names of the five new neighbourhoods include Templar Mills, Lavender Fields, Hoy Gateway and Redgravia.

Sir Steve Redgrave — a five-time Olympic gold medallist — said: “I am truly honoured that people want to name a neighbourhood after me.

“Your Park Your Place is a wonderful way to get people involved in the plans for the future Queen Elizabeth Olympic Park.

“These neighbourhoods will be situated among world class venues which will be a great incentive for families to get involved in sport.”

Entries will be judged by a panel including representatives from the neighbouring boroughs, local residents, Government, the Museum of London Archaeology Service and the Olympic Park Legacy Company.

They will select the name for each of the neighbourhoods from the entries based on factors including popularity, historical referencing and their relation to the area’s diverse communities.

The new neighbourhoods will take shape over the next 20 years and will eventually accommodate 8,000 new homes.

They will open to the public from 2013, with families moving into the first properties in 2015.

Submissions can be made through the Legacy Company’s website, where there is an interactive map with descriptions of how the areas will look and historical information.