{"id":522,"date":"2021-07-19T16:28:22","date_gmt":"2021-07-19T15:28:22","guid":{"rendered":"https:\/\/www.benhams.com\/press-release\/?p=522"},"modified":"2022-12-26T06:53:01","modified_gmt":"2022-12-26T06:53:01","slug":"olympic-legacy-still-benefiting-london-property-market","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/press-release\/london-property-market\/olympic-legacy-still-benefiting-london-property-market\/","title":{"rendered":"Olympic legacy is still benefiting the London property market in these Boroughs"},"content":{"rendered":"

This weekend will see the delayed Tokyo 2020 Olympic Games finally get underway, having been postponed last year due to the COVID-19 outbreak, along with pretty much everything else in life.<\/p>\n

Much like the recent Euros, it promises to be a unique sporting event with restrictions continuing to prevent a full return to normality. <\/p>\n

However, it could leave a far longer lasting legacy, at least where the property market is concerned. That\u2019s if London is anything to go by according to the latest property market analysis by London lettings and sales estate agent, Benham and Reeves.<\/p>\n

\"Olympic
Olympic Park,
East London<\/figcaption><\/figure>Since London hosted the 2012 Summer Olympics, house prices across the Capital have climbed by 5.6% a year on average and by a total of 61% since August 2012.\u00a0<\/p>\n

However, many areas of London underwent extensive regeneration schemes prior to the games, with parts of Stratford in the borough of Newham, in particular, subject to a complete transformation.<\/p>\n

While there are many haunting images of abandoned Olympic venues<\/a> from bygone games, London\u2019s Olympic stadium is now the home of West Ham, while the Olympic village has been repurposed into much needed housing for London homebuyers and renters.<\/p>\n

A total of six other boroughs played host to the Olympics, including Waltham Forest, Barking and Dagenham, Hackney, Greenwich and Tower Hamlets and their respective property markets seem to have benefited as a result.<\/p>\n

In fact, house price growth across these six boroughs has averaged 6.9% per year since 2012, 1.3% more than London as a whole. They\u2019ve also increased by a total of 78% on average, 17% more than the wider London average.<\/p>\n

When looking at each borough individually, no less than three of them sit at the top of the table for house price growth when compared to every other London borough.<\/p>\n

Waltham Forest takes the gold with house prices up 106% since the Olympics, averaging a 7.4% increase per year. House prices in Barking and Dagenham have climbed 86% since the summer of 2012, while in Newham they\u2019ve increased by 81%, with both seeing a respective average annual rate of growth of 7.4% and 7.1%.<\/p>\n

While Hackney (66%), Greenwich (66%) and Tower Hamlets (63%) haven\u2019t benefitted to quite the same extent, all three have seen house prices increases at a greater rate than the wider average across the capital.<\/p>\n

Director of Benham and Reeves, Marc von Grundherr<\/a>, commented:<\/strong><\/p>\n

\u00a0<\/strong>\u201cThe huge Olympic regeneration of London and Stratford, in particular, brought about a monumental boost to property prices and today, the London Borough of Newham remains one of the best performing pockets of the London market as a result.<\/p>\n

This has no doubt had a knock-on impact to the neighbouring boroughs of Barking and Dagenham and Waltham Forest. So it\u2019s hardly surprising that all three of these Olympic host boroughs sit top of the property price growth table when analysing the market since 2012.<\/p>\n

It\u2019s great to see that not only were the London games a great success for the GB team, but they\u2019ve also left a lasting and positive legacy for the local housing markets and wider economies that were such an integral part of hosting them.\u201d<\/p>\n

\n\n\n\n\n\n\n
Category<\/th>\nTotal Change in Property Values – Aug 2012 to May 2021 (%)<\/th>\nAverage annual change – Aug 2012 to May 2021 (%)<\/th>\n<\/tr>\n
Olympic host borough<\/td>\n78%<\/td>\n6.9%<\/td>\n<\/tr>\n
London overall<\/td>\n61%<\/td>\n5.6%<\/td>\n<\/tr>\n
Data sourced from the Gov.uk – UK House Price Index (August 2012 to May 2021 – latest available)<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Location<\/th>\nCategory<\/th>\nAveHP – August 2012<\/th>\nAveHP – latest May 2021<\/th>\nTotal Change (%)<\/th>\nAverage Annual Change (%)<\/th>\n<\/tr>\n
Waltham Forest<\/td>\nOlympic host borough<\/td>\n\u00a3236,018<\/td>\n\u00a3487,133<\/td>\n106%<\/td>\n8.7%<\/td>\n<\/tr>\n
Barking and Dagenham<\/td>\nOlympic host borough<\/td>\n\u00a3166,180<\/td>\n\u00a3308,760<\/td>\n86%<\/td>\n7.4%<\/td>\n<\/tr>\n
Newham<\/td>\nOlympic host borough<\/td>\n\u00a3214,977<\/td>\n\u00a3389,309<\/td>\n81%<\/td>\n7.1%<\/td>\n<\/tr>\n
Lewisham<\/td>\nLondon borough<\/td>\n\u00a3243,510<\/td>\n\u00a3438,510<\/td>\n80%<\/td>\n7.0%<\/td>\n<\/tr>\n
Bexley<\/td>\nLondon borough<\/td>\n\u00a3205,197<\/td>\n\u00a3368,555<\/td>\n80%<\/td>\n6.9%<\/td>\n<\/tr>\n
Havering<\/td>\nLondon borough<\/td>\n\u00a3221,084<\/td>\n\u00a3388,851<\/td>\n76%<\/td>\n6.7%<\/td>\n<\/tr>\n
Croydon<\/td>\nLondon borough<\/td>\n\u00a3222,026<\/td>\n\u00a3385,311<\/td>\n74%<\/td>\n6.6%<\/td>\n<\/tr>\n
Bromley<\/td>\nLondon borough<\/td>\n\u00a3286,912<\/td>\n\u00a3485,947<\/td>\n69%<\/td>\n6.3%<\/td>\n<\/tr>\n
Enfield<\/td>\nLondon borough<\/td>\n\u00a3252,055<\/td>\n\u00a3424,339<\/td>\n68%<\/td>\n6.1%<\/td>\n<\/tr>\n
Redbridge<\/td>\nLondon borough<\/td>\n\u00a3269,620<\/td>\n\u00a3448,582<\/td>\n66%<\/td>\n5.9%<\/td>\n<\/tr>\n
Hackney<\/td>\nOlympic host borough<\/td>\n\u00a3333,002<\/td>\n\u00a3553,032<\/td>\n66%<\/td>\n6.2%<\/td>\n<\/tr>\n
Merton<\/td>\nLondon borough<\/td>\n\u00a3326,136<\/td>\n\u00a3541,504<\/td>\n66%<\/td>\n6.1%<\/td>\n<\/tr>\n
Greenwich<\/td>\nOlympic host borough<\/td>\n\u00a3241,372<\/td>\n\u00a3400,216<\/td>\n66%<\/td>\n6.1%<\/td>\n<\/tr>\n
Sutton<\/td>\nLondon borough<\/td>\n\u00a3239,079<\/td>\n\u00a3394,981<\/td>\n65%<\/td>\n5.9%<\/td>\n<\/tr>\n
Hillingdon<\/td>\nLondon borough<\/td>\n\u00a3262,453<\/td>\n\u00a3432,718<\/td>\n65%<\/td>\n5.9%<\/td>\n<\/tr>\n
Tower Hamlets<\/td>\nOlympic host borough<\/td>\n\u00a3290,365<\/td>\n\u00a3474,144<\/td>\n63%<\/td>\n5.8%<\/td>\n<\/tr>\n
Haringey<\/td>\nLondon borough<\/td>\n\u00a3347,970<\/td>\n\u00a3563,687<\/td>\n62%<\/td>\n5.7%<\/td>\n<\/tr>\n
Hounslow<\/td>\nLondon borough<\/td>\n\u00a3273,858<\/td>\n\u00a3442,023<\/td>\n61%<\/td>\n5.6%<\/td>\n<\/tr>\n
Lambeth<\/td>\nLondon borough<\/td>\n\u00a3338,402<\/td>\n\u00a3542,973<\/td>\n60%<\/td>\n5.6%<\/td>\n<\/tr>\n
Southwark<\/td>\nLondon borough<\/td>\n\u00a3340,003<\/td>\n\u00a3528,767<\/td>\n56%<\/td>\n5.3%<\/td>\n<\/tr>\n
City of London<\/td>\nLondon borough<\/td>\n\u00a3496,168<\/td>\n\u00a3765,822<\/td>\n54%<\/td>\n5.6%<\/td>\n<\/tr>\n
Kingston upon Thames<\/td>\nLondon borough<\/td>\n\u00a3329,394<\/td>\n\u00a3507,702<\/td>\n54%<\/td>\n5.2%<\/td>\n<\/tr>\n
Ealing<\/td>\nLondon borough<\/td>\n\u00a3330,626<\/td>\n\u00a3508,907<\/td>\n54%<\/td>\n5.1%<\/td>\n<\/tr>\n
Richmond upon Thames<\/td>\nLondon borough<\/td>\n\u00a3470,964<\/td>\n\u00a3723,775<\/td>\n54%<\/td>\n5.1%<\/td>\n<\/tr>\n
Harrow<\/td>\nLondon borough<\/td>\n\u00a3310,417<\/td>\n\u00a3475,121<\/td>\n53%<\/td>\n5.0%<\/td>\n<\/tr>\n
Islington<\/td>\nLondon borough<\/td>\n\u00a3423,993<\/td>\n\u00a3648,263<\/td>\n53%<\/td>\n5.2%<\/td>\n<\/tr>\n
Brent<\/td>\nLondon borough<\/td>\n\u00a3333,734<\/td>\n\u00a3508,571<\/td>\n52%<\/td>\n5.0%<\/td>\n<\/tr>\n
Barnet<\/td>\nLondon borough<\/td>\n\u00a3362,586<\/td>\n\u00a3546,082<\/td>\n51%<\/td>\n4.8%<\/td>\n<\/tr>\n
Wandsworth<\/td>\nLondon borough<\/td>\n\u00a3426,869<\/td>\n\u00a3625,412<\/td>\n47%<\/td>\n4.6%<\/td>\n<\/tr>\n
Camden<\/td>\nLondon borough<\/td>\n\u00a3614,424<\/td>\n\u00a3835,265<\/td>\n36%<\/td>\n3.8%<\/td>\n<\/tr>\n
Hammersmith and Fulham<\/td>\nLondon borough<\/td>\n\u00a3592,532<\/td>\n\u00a3780,944<\/td>\n32%<\/td>\n3.4%<\/td>\n<\/tr>\n
Westminster<\/td>\nLondon borough<\/td>\n\u00a3739,683<\/td>\n\u00a3974,523<\/td>\n32%<\/td>\n3.4%<\/td>\n<\/tr>\n
Kensington and Chelsea<\/td>\nLondon borough<\/td>\n\u00a31,042,777<\/td>\n\u00a31,209,210<\/td>\n16%<\/td>\n2.1%<\/td>\n<\/tr>\n
LONDON<\/td>\nLondon overall<\/td>\n\u00a3310,043<\/td>\n\u00a3497,948<\/td>\n61%<\/td>\n5.6%<\/td>\n<\/tr>\n
Data sourced from the Gov.uk – UK House Price Index (August 2012 to May 2021 – latest available)<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n","protected":false},"excerpt":{"rendered":"

This weekend will see the delayed Tokyo 2020 Olympic Games finally get underway, having been postponed last year due to the COVID-19 outbreak, along with pretty much everything else in life. Much like the recent Euros, it promises to be a unique sporting event with restrictions continuing to prevent a full return to normality. However, … <\/p>\n

Continue reading “Olympic legacy is still benefiting the London property market in these Boroughs”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[464,462,463,465],"tags":[],"class_list":["post-522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying","category-landlords-investors","category-london-property-market","category-selling"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/comments?post=522"}],"version-history":[{"count":6,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/522\/revisions"}],"predecessor-version":[{"id":1127,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/522\/revisions\/1127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media\/523"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media?parent=522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/categories?post=522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/tags?post=522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}