Capital property bonanza? And they're off...
The Daily Mirror looks into its crystal ball and sees:
London property bores working out how much they expect their house prices to rocket. Regional bores wailing about how London gets all the hand-outs.
The Halifax has already made its own statement about what might be in store for London house prices. Here's the FairInvestment newsletter:
Typically the differentiation was as high as 18 per cent, leading Halifax's group economist Tim Crawford to identify a "bounce" on the back of the successful bid. "This is great news for London. Hosting an Olympic games encourages city regeneration and is usually accompanied by an improvement in facilities and transport links. These factors tend to be positive for house prices," he said.
According to the FT, East London Is Set For An Olympic Windfall (an article which gives a nice summary of the Olympic-related regeneration plans in Stratford and the Lower Lea Valley). AboutProperty brings news that estate agents Spicerhaart have already started planning a new branch in Stratford. Bloomberg reports on the hurdles facing construction companies planning to make a proper buck out of the redevelopment in the face of intense competition and high costs. Meanwhile, the BBC pays close attention to what really matters, strips the headlines from the Halifax and talks to the nearest hysterical estate agent:
Barcelona, Sydney and Athens all saw house prices rise by more than 50% in the five years before the games.
Any advance on 50%? You bet... here's the Guardian:
Homebush Bay, a former industrial site 20 minutes from the centre of Sydney, saw house prices rise 70% in the five years before the games took place.
So where's the spoiler? Here it comes, from Forbes: London Olympics unlikely to lead to marked increase in property prices - RICS.
More, later, as they come in....