Posts tagged ‘2012 Olympics’
The market isn’t big but the large sums to be made from this summer’s Games most certainly are, if the properties available to rent near Stratford’s Olympic village are anything to go by.
Stratford in East London, which normally features an average rental price of £1,700 a month, has been flooded with properties being offered at up to £10,000 a week, prices you might normally expect to pay in Chelsea or Kensington.
The area offers 277 such short let Olympic properties at the moment for between £4,000 and £6,500 a week, as displayed by our Smart Maps tool below.
Top of the pile is a house that’s ten minutes on foot from Stratford (see below), available for £10,000 a week or £43,000 a month. So what else remains to rent at the top of Stratford’s Olympic property market?
1. £10,000 a week
What: It might be sparsely furnished but it has seven bedrooms and therefore could sleep 14, making the rental price look more affordable per head.
Where: Ten minutes by foot east of Stratford Station in a quirky street of terraced mid-Victorian houses.
2. £6,500 a week
What: Three bedroom terraced mid-Victorian house that’s been expensively decorated throughout and includes an upmarket Italian kitchen. Comes with off-street parking, broadband and a twice-weekly cleaner.
Where: On a pretty and quiet street three miles south-west of the Olympic site. A bit out on a limb, but still just 20 minutes by public transport to Stratford station.
3. £5,000 a week
Where: A stone’s throw from the stadium overlooking both it and a canal.
What: Very large two-bedroom corner flat in a new-build block.
4. £5,000 a week
What: Three bedroom split level penthouse with three balconies, most offering excellent views of the Olympic site (pictured below).
Where: Five minutes by foot east of Stratford town centre and access to the Olympic village.
5. £5,000 a week
What: A furnished three-bedroom 1970s terraced house with a garden and, most crucially, off street parking. Has been refurbished recently.
Where: Just over the trainline from, and east of, the Olympic village. A five minute walk from Stratford rail and tube station too.
6. £5,000 a week
What: Noughties-built end of terrace family home in a residential-cum-industrial area. The attraction is its size – five bedrooms so will sleep ten people. Available only as a month-long let.
Where: Five minutes walk – and to the east of – Stratford town centre.
7. £4,800 a week
What: Tastefully decorated late Victorian terraced house with five bedrooms and a Zen style garden.
Where: Near Bow Street railway station, which is two stops (or two miles) south of Stratford.
8. £4,000 a week
What: Sportingly funky three-bedroom split level apartment with balcony. Pictures were obviously taken in late December, as there’s a Xmas tree in the lounge.
Where: Overlooking the Olympic village on a road to the west of the village.
9. £4,000 a week
What: Two bedroom new-build flat.
Where: Overlooking main stadium and canal from the west on a perimeter road.
10. £4,000 a week
What: A classy apartment in a recently-built block with three double bedrooms.
Where: Near a Unversity of London faculty next to the Olympic site.
There has been feverish speculation about the Olympic property market in and around Stratford in East London for years but, as the first athletes arrive and the opening ceremony prepares to kick off in ten days, will the Games really be good news for the area’s property market?
We’ve looked at all the homes for sale within a mile of the Olympic stadium, covering Stratford but also reaching north to Hampton Wick, south to Bromley-by-Bow, east to West Ham Lane recreation ground and west to Well Street Common. See our Smart Map below.
It’s a market largely made up of Victorian and Edwardian semis, post-war council properties and recently-built glass and steel apartments, and there are currently 618 properties on the market. Prices remain inexpensive by the capital’s standards and east of the stadium are the more prime addresses where most of the new apartment blocks have been built. Homes to the west of the stadium are substantially cheaper.
And according to our property data, the average value of a home within Stratford is £234,034, approximately 20% lower than East London’s average (£289,832) and 46% lower than London’s overall average.
At the top of the market is a four-bedroom apartment for £595,000 on Gerry Raffles Square, two streets east of Stratford’s shiny new train and tube station.
The bottom of the market is a one-bedroom shared-equity apartment for sale at £94,500 opposite Strand East, an urban village being built by furniture store IKEA, most famous for its 150 foot ‘Olympic Torch’ nearing completion at the moment (artist’s impression pictured below).
But you’ll need at least £200,000 to buy either a one-bedroom apartment within an upmarket apartment block or a two-bedroom period house, and those with clear views of the Olympic site (such as the one pictured below) attract a premium of between 5-8%.
The area’s most expensive properties kick off at £300,000 which buys an entry-level and new two-bedroom apartment or a three bedroom period semi. But the best apartments with views over the Olympic site are within Stratford Eye (pictured below), a new, cigarette-lighter shaped apartment tower on Angel Lane, and many flats within it have 180-degree views of the venue.
But the house price boom that was expected has yet to arrive, although prices have been rising reflecting the number of high-end apartment blocks coming on to the market rather than rising values for the rest.
Prices have picked up over the past six months or, we have noticed, stopped dropping and begun to swing upwards (by 1.20% over the past three months).
This is hopefully the ‘Olympic effect’ kicking in as the Games have loomed, but more likely it’s the area benefitting from the £15 billion the surrounding borough will receive directly and indirectly from the Olympics, including 62,000 new jobs and 59,600 new homes.
With one year to go till the London 2012 Olympics, we’ve looked into how property values have performed since London won the title as host city for the games.
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.
- 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 our data.
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.
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%|
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