Olympic area property values outstripping rest of UK
26th July 2011
- Property prices around Olympic sites up 11.9% since Games announced
- Outstripping average UK house price growth of 7.2% over same period
- London’s Olympic venues underperform overall strong growth in capital
- £30.8bn added to residential property values around Olympics sites
Property prices in close proximity to the UK Olympic venues have recorded an 11.9% increase since the Games were awarded to London in July 2005, outstripping the UK average of 7.2% over the same period, according to property website Zoopla.co.uk.
Over £30bn has been added to the total value of residential properties located in close proximity to the UK Olympic sites since the announcement, with £6.4bn in added-value to house prices in East London alone. The budget for delivering the Olympics is currently on target at £9.3bn with exactly one year to go.
Outside London, properties nearby seven of the ten major Olympic venues have recorded noticeably higher price growth than the surrounding areas. In Lee Valley, Hertfordshire where the White Water Centre has been developed for canoeing events, house prices have risen 12% since the announcement compared to 7.2% growth on average in the region. And in Eton Dorney, where the rowing facility has been upgraded to accommodate the Olympics, average home values have risen 14.3% compared to the regional average of 8.2%.
However, in London property values in direct proximity to the Olympic venues have underperformed having risen 18.9% since the games were awarded compared to overall house price growth of 27.2% in the capital since July 2005.
Nicholas Leeming, business development director of Zoopla.co.uk, commented: “There’s no doubt that the redevelopment to a number of areas across the UK as a result of the Olympics has had a positive impact on property prices. Much of the focus to date has been on East London but there are many other areas benefitting from the investment and attention of the Olympics. The underperformance of the London venues says far less about the Olympics than it does about the overall London property market which has outperformed the rest of the UK by a wide margin in the last few years. And it is unlikely that property in East London would have seen anything like the value growth it has recorded without the Olympics.”
Change in property values in Olympic areas since July 2005 (%)
|Olympic Area||All Areas|
Change in property values in Olympic areas outside London (%)
|Millennium Stadium, CA1||11.00%||0.80%|
|City of Coventry Stadium, CV5||2.00%||-2.00%|
|Brands Hatch, DA3||9.60%||7.20%|
|Weymouth & Portland||6.80%||6.30%|
|Lee Valley, EN9||12.00%||7.20%|
|Hampden Park, G42||11.10%||17.90%|
|Hampton Court Palace, KT8||16.70%||7.20%|
|Old Trafford, M16||2.90%||-1.50%|
|Eton Dorney, SL4||14.30%||7.20%|
|Hadleigh Farm, SS7||3.90%||8.20%|
- Ends -
For further information, please contact Tim Vooght at email@example.com or on 020 3872 5615.
Notes to editors
Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.
At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.
Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).
Zoopla is part of Zoopla Limited which was founded in 2007.
Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
VAT Registration number: 191 2231 33
Data Protection number: Z9972266