Jump to content
House Price Crash Forum
Sign in to follow this  
van hoogstraten

Olympic Boost To East London

Recommended Posts

NOTE - "asking" prices have gone up - doesnt indicate whether or not mugs have been found to pay them & live in one of the armpits of London. This non-story is in all the papers which shows the desperation stage has been reached by VIs.

HOMEOWNERS in London’s East End are winning an early prize from the capital’s successful bid to host the Olympic Games in 2012, according to new research.

Rightmove’s monthly survey of asking prices will show today that house prices in Tower Hamlets and Newham, two of the London boroughs that will play host to the games, showed some of the highest gains across the capital last month.

The average asking price in Tower Hamlets, part of which will be redeveloped as part of plans for the Olympic Park, rose by 4.6 per cent in the four weeks to October 8, compared with the previous four-week period. Prices in Newham, which will be home to the Olympic village and main stadium, increased by 3.1 per cent in the same period.

The rises come on the back of strong gains made in the previous month, when Tower Hamlets prices were up 3.3 per cent and prices in Newham up 3.1 per cent.

Property prices in and around the London boroughs set to host the 2012 Olympic games showed some of the best rises across London in the latest figures. Prices in Kingston upon Thames and Richmond upon Thames, in the southwest of the city, fell by 4 per cent and 2.5 per cent respectively. Elsewhere many boroughs showed marginal gains, with Kensington and Chelsea up 0.8 per cent compared with the previous month, and Lambeth up 0.6 per cent.

The Rightmove figures also show a return to growth in the average asking price across the UK. The average asking price rose by 0.5 per cent, or £941, to £196,348 in October, having fallen by £3,235 to £195,407 in the three months to September.

M Lies Shipside, commercial director for the property website, said: “We appear to have had a soft landing. However, don’t expect the market to take off again until a refuelling by more first-time buyers, lower mortgage rates, and a continuation of realistic pricing by sellers and their estate agents.”

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.