The six Olympic boroughs that played a role in London 2012 have seen a property price boom in the wake of the Games, according to research from Property Partner.
The property crowdfunding platform found the value of homes in Hackney, Newham, Barking and Dagenham, Greenwich, Tower Hamlets and Waltham Forest had increased by an average of 64% over the last four years.
That figure was 11.2% higher than the overall average across London’s 32 boroughs.
Waltham Forest headed the top 10 with growth of 76.6%, with Hackney third on 66.9% and Newham fourth on 62.6%.
Tower Hamlets experienced a 60.6% increase, ahead of Barking And Dagenham on 59.9% and Greenwich on 57.5%.
Property Partner CEO Dan Gandesha said: “London 2012 was the catalyst for a flood of investment into the capital, much of which was injected into regenerating some of the capital’s most disadvantaged boroughs.
“The economic legacy of the Games – supporting new jobs and skills, encouraging trade, inward investment, tourism and improved transport links – has meant a corresponding rise in house prices in the six host boroughs. “The economic, social and environmental gap between these boroughs and the rest of London is closing.
“Over the next few years, the capital will further benefit from significant infrastructure projects – particularly Crossrail where areas that were relatively inaccessible will suddenly be on London’s doorstep.
“In turn, like the Olympic effect, house prices around Crossrail’s 40 stations are continuing to see an upward trend despite post-Brexit uncertainty.
“The reality is, no-one can say for sure what will happen just now.
“But the fundamentals of the capital’s housing market are self-evident – demand far outstrips supply, which is further exacerbated by population growth and low borrowing costs.
“Moreover, the Bank of England is likely to reduce base rates even further in the very near future.”
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