Top end buoyant with Olympics likely to boost prices more

Local estate agents are talking of a mini-boom in property prices following a renewed surge in activity. Following a very depressed period in which volumes fell to historic lows there are an increased number of transactions going through particularly at the top end of the market.

With the announcement about the Olympics there is increased optimism that property prices will be well-supported for the next few years. Director of sales for Faron Sutaria, Christine Fox said, "Although most of the events in the games will take place in East London, our area will benefit from improved infrastructure and a general 'feel good factor' in the city."

She pointed out that all of the recent Olympic hosts have seen strong rises in prices in the 5 years before their games commenced.

As in the previous month, although the overall market was relatively quiet there was a high level of activity at the top end of the market. Four properties changed hands at over £1,000,000, in addition there was a sale at over £2,000,000 in Woodstock Road just before the end of April.

This house was the fourth most expensive property to change hands according to the Land Registry. It had also been sold 4 years earlier for £2,350,000 compared to the more recent transaction at £2,550,000.

Faron Sutaria have recently just sold another house in Mayfield Avenue for £1.1 million.

These numbers also do not include a home in Barrowgate Road recently sold for over £2,000,000.

The figures below are from the Land Registry for homes that changed hands during May 2005.

Source: Land Registry

May 6, 2008