No Olympics house price boost for London home owners

While plucky Londoners are getting ready to renting off spare rooms at astronomical rates, home owners in London's East End are not seeing the value of their property change much from being close to the Olympic site, according to new research.

While property value in the last six years since London won the right to hold the games has increased an average of £60,000, a study of 145 areas of London found that Homerton and Hackney, the areas most by the Olympic preparations, came out in only 44th place. Stratford, where the Olympic Stadium lies, rose only 13%, less than half the average across east London.

A spokesman for Lloyds TSB, main sponsors of the Games, said that it was hard to tell whether the construction work in East London was benefitting the area, claiming: 'The point was to try and regenerate these areas, and they say that after the Olympics arrive, that's when we will see the investment pay off. Who's to say that without that investment [the prices] wouldn't have been further down the table? It's a long term thing.'

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