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Olympics 'can have positive east London legacy'

This year's Olympic Games, which are coming to London in the coming months, could have a significant and long-lasting positive impact on the east London property market, it has been claimed.

Liam Bailey, head of residential research at Knight Frank, said it is unlikely that the Games themselves will have a significant impact on the area, but the legacy of major infrastructure improvements which have been made in the capital in order to host the international showpiece will undoubtedly be of benefit in the years to come.

He commented: "Once the Olympics are finished and you can see the Olympic Village being transferred over to housing and so on, then it will become more apparent all of the improvements that are being been made there. That is what will drive the market there."

Mr Bailey added that the typical international investor in the London market is unlikely to putting their money into this area, as they tend to look for property that is more central.

One area that could benefit from increased interest from people following the Olympics this year is Stratford and properties in the vicinity of the City of London, he concluded.

According to the latest figures from the Office for National Statistics, UK house prices fell on average by 0.4 per cent in March 2012 in comparison to the same month last year.

Furthermore, typical prices paid by buyers fell by 2.8 per cent, although for owner-occupiers the reduction was a more modest 1.6 per cent.

London was one of the best-performing areas of the country in terms of homes holding their value, with the area seeing declines of just 0.2 per cent on average.

The data revealed this is the first time the London property sector has reported an annual decline in home values since October 2009, highlighting the strong resilience the sector has had to the overriding downturn in the UK property market over recent years. 

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