The budget for delivering the Olympics is currently on target at £9.3bn with exactly one year to go.
Outside London, properties near 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, said: “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.”
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