Olympic Games Boosts UK Property Values
Real estate located in areas near Olympic venues in Britain has seen values rise more sharply than in other regions of the UK, new research has revealed. According to Zoopla.co.uk, property prices in such postcodes have jumped by 11.9 per cent since the Games were announced. As a result, dwellings in close proximity to Olympic sites have seen values increase by 7.2 per cent more than average property prices around the UK. And it isn’t just London that is benefiting from the sporting event – seven of the ten regional locations selected to host competitions during 2012 have also seen house values soar. Business development director at Zoopla.co.uk Nicholas Leeming commented: “There’s no doubt that the redevelopment to a number of areas across the UK as a result of the Olympics has had a positive impact on property prices.” Meanwhile, Lloyds TSB has published similar findings, with its research noting that east London house prices have climbed by an average of 192 GBP per week since the capital was named as the host city for the 2012 Olympics back in the summer of 2005. The districts of Bethnal Green, Dalston and Homerton have seen the most significant rises, the firm added. Housing economist at Lloyds TSB Suren Thiru explained that real estate values in the regions near Olympic venues are expected to continue to benefit long after the final medals have been awarded. “Looking ahead, the long-term Olympic legacy for east London of improved infrastructure and transport links is likely to help underpin house prices in the area over the coming years,” he stated. But although certain regions seem to be performing well, on the whole the UK’s real estate market remained largely flat in terms of price growth during July, according to the Hometrack Monthly National Housing Survey. The firm discovered that headline prices declined by 0.1 per cent in July compared to June, however, agreed sales have steadily been increasing over the past two months. The company described current pricing levels as “broadly sustainable” and noted that there has been an improvement in the balance between supply and demand for properties, which has helped boost sales figures around the country.
