As an East Ender by birth and a one-time resident of Mile End, close to the heart of the Olympic development, I became familiar with estate agents' sales patter once it was announced London was to host the games. You've got to buy now; prices are going to soar; this area's really going to take off.
It felt unlikely back then, and now we have proof it was indeed Olympic-size nonsense. The first proper analysis of the impact the Games have had on East End house prices reveals that far from sparking a boom, the E15 postcode area around Stratford has in fact under-performed compared to the rest of London.
According to Hometrack, which carries out valuations for nearly all the major lenders, the average property in the Stratford E15 area was 10%-20% below prices elsewhere in London when the city was awarded the Games in 2006. Since then, the disparity between E15 and the rest of London has widened to 30%-35%. In other words, London buyers would have done better on property prices if they bought almost anywhere other than Stratford.
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