What will the Olympics do to the property industry
September 16th, 2011
The Olympics are already having a big impact on many aspects of life in London. For those working in property it’s an exciting time, as both the rental and buying market experience a mini-boom around the Olympic site. The average price of a house in the fourteen postal districts neighbouring the main site has risen 28% by July 2011. Leasing agencies are also seeing an increase in business referring to summer 2012.
An argument used in favour of hosting the Olympics is the benefits it will have to the economy. People in all aspects of the housing market from property recruitment, through to construction and maintenance will feel the benefit. Beyond this there’s other sectors of the economy, such as transport and retail, which will be buoyed by regeneration and tourists. Therefore impact of the Olympics is profound on relevant geographic areas, in property and other sectors.
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