East London DIY house sellers see price rise

by Morag Lyall

East London DIY house sellers will welcome the news that the price of property in the area has increased by 26 per cent since the capital won the bid for the Olympics.

A report from Lloyds TSB showed that properties close to the site of the Games, which is exactly two years away, has seen a sharp rise since 2005, with homes in Homerton and Shoreditch increasing by 69 per cent and 53 per cent respectively.

Richard Everitt, franchisee of the Stratford office at Winkworth, said that it is not just the Olympics, but major regeneration in the area that is pushing up the prices.

"With the Olympics, all it has done is it has accelerated it. The Westfield site opening up is going to be a major part of all this regeneration."

The Westfield shopping centre, set to be one of the largest in Europe, will open next year ahead of the Games and Mr Everitt noted that it would bring 18,000 jobs.

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Published on: July 28, 2010

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