Clue: it played host to the greatest sporting show on earth in 2012.
What's the latest?
Newham in London has recorded an Olympic jump in house prices in 2015.
In fact, average property values in the east London borough, where the bulk of the Olympic Park is located, rose more than any other major UK town and city over the past year.
House prices in Newham soared 22%, from £261,399 to £319,522 - that is nearly DOUBLE the 12% increase across the whole of London, according to Halifax.
Newham was followed by Royston in Hertfordshire, where typical house prices increased by 19%.
All top 10 house price performers in 2015 were in London and the south east.
Why is it happening?
Rapid house price increases in central London in the past few years have pushed people out to more affordable areas within close commuting distance of the heart of the capital, such as Newham.
Newham has also undergone substantial regeneration, thanks in part to the London 2012 Olympic Games, helping to bolster house prices.
Who does it affect?
It will be unwelcome news to first-time buyers and buyers with small deposits eyeing areas that have seen some of the biggest house price rises in the UK. They will need ever-larger deposits to get onto the property ladder in these top-performing neighbourhoods.
But the ranking will be something of a Christmas present for homeowners in the top 10, who will be sitting on rapidly-growing housing wealth.
Sounds interesting. What's the background?
Stroud in Gloucestershire, Wellingborough in Northamptonshire, and Solihull in the West Midlands were the top house price performers outside London and the south east, with values rising between 14% and 15% over the past year.
But a handful of towns also recorded house price falls:
- Merthyr Tydfil in south Wales: -3.8%
- Colwyn Bay in north Wales: -2.3%
- Durham: -2.1%
- Coalville in Leicestershire: -0.5%
"These areas are typically still suffering from relatively weak employment and economic conditions, which has dampened local housing demand," explained Martin Ellis, housing economist at Halifax.
The 10 worst-performing areas for property are outside London and south east. Interestingly, the exception is Kensington & Chelsea, one of the most exclusive pockets of the UK, where prices have inched up just 1% in the last 12 months.
|Town / Area||Region||Average house price (2014)||Average house price (2015)||Change|
|Leigh On Sea||South East||269,478||314,175||16.6%|
Top 3 takeaways
- Newham, an east London borough, has recorded the biggest jump in house prices across the UK over the past year.
- All top 10 house price performers are in London and the south east.
- Average house prices fell in Merthyr Tydfil, Colwyn Bay, Durham and Coalville.
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