East London is geared to see a faster pace of property values rising than other areas. This will be due to the 2012 Olympics. Improvements in public transportation and other improvements and additions will be factors in the value increase.
New data shows that values have already risen substantially in that area of London since the games were won by the capital in 2005.
Lloyds TBS revealed that since the games were awarded, the average price for property in the areas of Homerton and Shoreditch near the Olympic Park have risen by 69 per cent and 53 per cent respectively. London as a whole has seen an increase of only 36 per cent.
With the amount of jobs due to increase in the area there will be a higher demand of property for both purchase and rental for housing. In addition to the improvements to the area, updated features will make the area an attractive place to live and shop.
The Stratford City shopping center Westfield will be opening in 2011 and that facility alone is expected to produce 18,000 jobs for the area.
Suren Thiru, housing economist with Lloyds said: “Looking forward property prices across East London are likely to receive a boost from the legacy of improved infrastructure and transport links left by the Olympics.”