How some house prices in East London have DOUBLED since 2012… more than three times faster than the UK average
Average house prices have shot up in 14 areas close to London's Olympic Park, since the capital hosted the 2012 Games
HOUSE prices in East London have doubled since 2012 - more than three times faster than the UK average, new research shows.
The property value of 14 areas closest to the Olympic Park in Stratford have risen 64 per cent since the end of 2012 Games, according to Halifax’s First-Time Buyer Review.
This is equivalent to a growth of a staggering £184,004 or a monthly rise of £4,279, during September 2012 to April 2017.
Walthamstow saw the fastest increase in five years - with average house prices shooting up from £238,348 to £479,421.
Five other East London areas have seen price rises of over £200,000 - they include Homerton, Clapton, Shoreditch, Dalston and Leyton.
Since September 2012, the average price in the capital has grown by 38 per cent to an average price of £584,190.
Nationally, property values grew on average by 19 per cent over the same period – from £234,985 to £280,148.
Since the capital won the bid to host the 2012 Games in 2005, areas closest to the London Stadium have recorded price growth in excess of £300,000.
The bid welcomed major regeneration to boost areas in the East End with large scale infrastructure investment in the existing tube networks and an international rail station - improving the way people to move around the capital.
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Crossrail - which aims to better connect London with south-east England - has already created jobs in the area and has had a positive effect on local house prices.
This has benefited homeowners in these areas as well as increased interest from first-time buyers and investors alike.
Martin Ellis, Housing Economist at Halifax, said: "Not only has this area been reinvigorated as a community, but average property price growth in this part of East London has raced ahead of England, Wales and even Greater London as a result.”
It comes as figures released last month showed the average deposit on first-time homes in London hit more than £100,000 last year.
A report by Halifax’s First-Time Buyer Review revealed the average first-time deposit has doubled over the last decade, while London prices have quadrupled during the same time.
First-time buyers have been forced to consider new ways of getting onto the property ladder in recent years, with nearly one in four of them say it took them between five and ten years to save up enough for a house deposit.
Nearly half of first-time buyers now rely on cash from their parents to help them become homeowners – an alarming trend in Britain’s spiralling housing crisis.
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