Newham house prices lag behind London despite Olympics boost
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.
You may also want to watch:
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.
- 1 Vandal targets St Antony statue outside church in Forest Gate
- 2 Ex-police officer among group jailed for £850k intercept from rival gangs
- 3 Rumours over empty Stratford estate homes quashed in meeting
- 4 Architects awarded £300K contract for Stratford Station makeover
- 5 'Petrified' cat reunited with kittens after 'pursuit' in Canning Town
- 6 Family of man who died after attack in Canning Town pays tribute to a 'loving, generous' father
- 7 Kenny Jackett emerges as odds-on favourite for Leyton Orient job
- 8 Flights from London City Airport to Switzerland resume as hub readies for return to international travel
- 9 Blaze under control at block of flats being built in Canning Town
- 10 Newham saw no deaths from Covid-19 at the end of April, figures show
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.