Halifax sees Olympic future for house prices

19 October 2004
The Halifax has predicted a great future for London's house prices, if the city secures the 2012 Olympics.

The areas most likely to benefit are Hackney and Stratford, the mortgage lender has said.

Along with improved transport links boosting prices, the Olympic site is set to be converted into 5,000 houses following the Games' completion.

"It's difficult to predict to what extent house prices could rise in London, but we do expect to see a significant increase due to the regeneration benefits," Halifax group economist Tim Crawford said.

The last four cities to host the Olympics have seen huge boosts in property values - with Barcelona seeing house prices rise 131 per cent in the five years leading up to the 1992 Games, Halifax said. This was 48 per cent higher than the Spanish average over the same period.
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