Saturday, 18 September 2021 09:49 GMT

The Boroughs Benefitting From The Olympic Legacy


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Much like the recent Euros, it promises to be a unique sporting event with restrictions continuing to prevent a full return to normality. However, it could leave a far longer lasting legacy, at least where the property market is concerned. That's if London is anything to go by according to the latest property market analysis by London lettings and estate agent, Benham and Reeves .

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House Prices Climb In Boroughs

Since London hosted the 2021 Summer Olympics, house prices across the capital have climbed by 5.6% a year on average and by a total of 61% since August 2012.

However, many areas of London underwent extensive regeneration schemes prior to the games, with parts of Stratford in the borough of Newham, in particular, subject to a complete transformation.

While there are many haunting images of abandoned Olympic venues from bygone games, London's Olympic stadium is now the home of West Ham, while the Olympic village has been repurposed into much needed housing for London homebuyers and renters.

A total of six other boroughs played host to the Olympics, including Waltham Forest, Barking and Dagenham, Hackney, Greenwich and Tower Hamlets and their respective property markets seem to have benefited as a result.

In fact, house price growth across these six boroughs has averaged 6.9% per year since 2012, 1.3% more than London as a whole. They've also increased by a total of 78% on average, 17% more than the wider London average.

When looking at each borough individually, no less than three of them sit at the top of the table for house price growth when compared to every other London borough.

Waltham Forest takes the gold with house prices up 106% since the Olympics, averaging a 7.4% increase per year. House prices in Barking and Dagenham have climbed 86% since the summer of 2012, while in Newham they've increased by 81%, with both seeing a respective average annual rate of growth of 7.4% and 7.1%.

While Hackney (66%), Greenwich (66%) and Tower Hamlets (63%) haven't benefitted to quite the same extent, all three have seen house prices increases at a greater rate than the wider average across the capital.

A Lasting And Positive Legacy For The Housing Market

Director of Benham and Reeves, Marc von Grundherr, commented:

“The huge Olympic regeneration of London and Stratford, in particular, brought about a monumental boost to property prices and today, the London Borough of Newham remains one of the best performing pockets of the London market as a result.

This has no doubt had a knock-on impact to the neighbouring boroughs of Barking and Dagenham and Waltham Forest. So it's hardly surprising that all three of these Olympic host boroughs sit top of the property price growth table when analysing the market since 2012.

It's great to see that not only were the London games a great success for the GB team, but they've also left a lasting and positive legacy for the local housing markets and wider economies that were such an integral part of hosting them.”

Category Total Change in Property Values - Aug 2012 to May 2021 (%) Average annual change - Aug 2012 to May 2021 (%)
Olympic host borough 78% 6.9%
London overall 61% 5.6%

 

Data sourced from the Gov.uk - UK House Price Index (August 2012 to May 2021 - latest available)

Location Category AveHP - August 2012 AveHP - latest May 2021 Total Change (%) Average Annual Change (%)
Waltham Forest Olympic host borough £236,018 £487,133 106% 8.7%
Barking and Dagenham Olympic host borough £166,180 £308,760 86% 7.4%
Newham Olympic host borough £214,977 £389,309 81% 7.1%
Lewisham London borough £243,510 £438,510 80% 7.0%
Bexley London borough £205,197 £368,555 80% 6.9%
Havering London borough £221,084 £388,851 76% 6.7%
Croydon London borough £222,026 £385,311 74% 6.6%
Bromley London borough £286,912 £485,947 69% 6.3%
Enfield London borough £252,055 £424,339 68% 6.1%
Redbridge London borough £269,620 £448,582 66% 5.9%
Hackney Olympic host borough £333,002 £553,032 66% 6.2%
Merton London borough £326,136 £541,504 66% 6.1%
Greenwich Olympic host borough £241,372 £400,216 66% 6.1%
Sutton London borough £239,079 £394,981 65% 5.9%
Hillingdon London borough £262,453 £432,718 65% 5.9%
Tower Hamlets Olympic host borough £290,365 £474,144 63% 5.8%
Haringey London borough £347,970 £563,687 62% 5.7%
Hounslow London borough £273,858 £442,023 61% 5.6%
Lambeth London borough £338,402 £542,973 60% 5.6%
Southwark London borough £340,003 £528,767 56% 5.3%
City of London London borough £496,168 £765,822 54% 5.6%
Kingston upon Thames London borough £329,394 £507,702 54% 5.2%
Ealing London borough £330,626 £508,907 54% 5.1%
Richmond upon Thames London borough £470,964 £723,775 54% 5.1%
Harrow London borough £310,417 £475,121 53% 5.0%
Islington London borough £423,993 £648,263 53% 5.2%
Brent London borough £333,734 £508,571 52% 5.0%
Barnet London borough £362,586 £546,082 51% 4.8%
Wandsworth London borough £426,869 £625,412 47% 4.6%
Camden London borough £614,424 £835,265 36% 3.8%
Hammersmith and Fulham London borough £592,532 £780,944 32% 3.4%
Westminster London borough £739,683 £974,523 32% 3.4%
Kensington and Chelsea London borough £1,042,777 £1,209,210 16% 2.1%
LONDON London overall £310,043 £497,948 61% 5.6%

Data sourced from the Gov.uk - UK House Price Index (August 2012 to May 2021 - latest available)

  • Benham and Reeves is one of London's largest independent letting and sales agents.
  • Benham and Reeves is a family-run agency, established in 1958 in Hampstead, London.
  • Benham and Reeves has 17 branches in prime residential London locations and five international offices in China, India, Hong Kong, Malaysia and Singapore.
  • The company specialises in a tailored, end to end service for its clients in London and worldwide, from the sale or letting of a property, to property management, tax accounting, snagging, refurbishment and furnishing solutions.
  • Anita has 35 years of experience within the property sector, helping to build Benham and Reeves from a single branch in Hampstead to one of the most established independent estate agents in London.
  • Anita has driven the company's vision to offer a complete range of property investment-related services from purchase to handover, furnishing and refurbishment, lettings and property management.
  • Anita also helped spearhead the company's overseas expansion in China, Hong Kong, India, Malaysia and Singapore.
  • Marc von Grundherr is the Director at Benham and Reeves.
  • Marc joined the business in 1995 and has extensive knowledge of the London and UK property market.

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