London Olympics set to boost East London house prices and business opportunities

London Olympics set to boost East London house prices and business opportunities




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By Dawn Murden

This week marks exactly two years until the opening ceremony for the London 2012 Olympics games, and to celebrate Lloyds TSB has revealed its Olympic-related house price findings.  

The research measured the house price performance in the fourteen postal districts located close to the Olympic Park.

The findings were mixed; some parts of London close to the Olympic Games site showed  large increases in house prices, for example, two boroughs of Hackney experienced a sharp rise. The average property price in Shoreditch rose by 53%, and in Homerton a 69% increase was recorded, bringing the average house price in the area up to £355,522.

In contrast, the average property price in Stratford - the home of the Olympic Stadium - saw an increase of only 3%, bringing the average price up to £212,217, and making its performance the slowest compared to any of the other postal districts.

The least expensive postal district was found to be Plaistow, with an average house price of £196,426, and after that was East Ham at £203,500.

Suren Thiru, housing economist for Lloyds TSB, said: “Some areas close to the Olympic Park have experienced a sharp rise in property prices since London’s successful bid to host the 2012 Olympic and Paralympic Games.

“Part of this rise is likely to have been due to an increased interest in property in these locations from both buyers and investors as a result of the associated regeneration taking place.”

She added: “Looking forward, property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links left by the London 2012.”

Not only did Lloyds Banking Group release their house price performance figures, they have also urged small and medium UK firms to bid for their share of untapped London 2012 business opportunities.

The London 2012 Organising Committee (LOCOG) is procuring £700m of goods and services - from sporting equipment to temporary buildings.

The opportunities are not just available in London but all over the country.

Chris Daniels, head of Lloyd Banking Group’s London 2012 business team, said: “There is still time to join the race. Businesses that are already involved are now scouting for other firms to help them.

“These contracts are truly wide open to businesses anywhere in the country, no matter what their sector. So far, more than 120,000 firms have registered with CompeteFor- the main gateway to London 2012 contracts. But it is also vital businesses network within their own sector.

He added: “Lloyds is also playing its part. We have made £1 million available to firms who do want to take advantage of business opportunities offered by the Games, and are offering seminars throughout the country, to ensure businesses are aware of the opportunities and how to secure them.”

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