East London property ’set for Olympic boost’

East London will see its property prices rise faster than those in the rest of the capital in the near future, due to the Olympics, it has been predicted.

Speaking two years before the start date for the 2012 games, franchisee of the Stratford office at Winkworth Richard Everitt said new transport links and other factors will help increase demand for property in the area near the Olympic Park.

“We have got Westfield [Stratford City shopping centre] opening up in 2011 and that will be producing 18,000 jobs,” he noted, adding that the Olympics themselves and Crossrail will also help demand.

The best transport links in London after King’s Cross and the development of local brownfield site will help to push up values, he predicted.

Mr Everitt made his comments as new data showed that values have already risen substantially in much of the east of the capital since London was awarded the games in 2005.

Lloyds TSB revealed that since then, the average price in the areas of Homerton and Shoreditch near the Olympic Park have risen by 69 per cent and 53 per cent respectively, compared with 36 per cent for London as a whole.