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Tower Hamlets is UK's property hotspot

Monday, 17 October 2005 12:00 AM

The Olympic effect has made Tower Hamlets the UK's property hotspot, according to a leading property website.

House prices increased by 4.6 per cent in Tower Hamlets during September, following a 3.3 per cent increase the previous month.

According to Rightmove.co.uk this means that in the two months following the announcement that the Olympics are coming to east London, house prices in the borough rose by £21,061.

Rightmove.co.uk commercial director, Miles Shipside, said: "Whilst price rises were to be expected and have been in the news before, £12,000 in a month is pretty exceptional.

"It certainly makes the Tower Hamlets area the property hot-spot in the UK."

Neighbouring Newham, which encompasses the Olympic stadium site in Stratford, has also performed well following news that billions of pounds will be invested in the area, with prices rising by 3.1 per cent last month.

But the picture in south-west London - well away from the Olympic site - is less good, with prices falling by 1.3 per cent in Wandsworth, 2.5 per cent in Richmond-upon-Thames, and four per cent in Kingston-upon-Thames.

The Olympic win was accompanied by a raft of predictions from estate agents that demand for property in London's east end would rise.

Research by Halifax showed that the regeneration effects from hosting an Olympic Games generally had a positive impact on house prices.

Hometrack's analysis of the impact of the 2002 Commonwealth Games in Manchester showed that property prices in some areas increased by nearly 200 per cent in the years following the games.

But County Homesearch London presented a different view, revealing that Newham, Hackney and Tower Hamlets have been booming for the last decade, seeing respective house price rises of 303 per cent, 247 per cent and 243 per cent.

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