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TUESDAY 26TH JULY 2005
 OLYMPIC PROPERTY DRY-UP SET TO SPREAD

Almost three weeks after the announcement of London’s winning bid for the 2012 Olympics, properties in Stratford have almost completely dried up and this could soon spread to other parts of East London. Market experts at the Property Investor Show are labelling the phenomena the ‘Olympic Ripple Effect’ and say that its influence could spread as far as Dagenham.

Show exhibitor, Barbara Goldsmith of Stratford Properties comments: "Within hours of the announcement of the decision, agents were reporting hundreds of new applicants expressing an interest in buying in the main areas around the proposed Olympic venues."

"At the same time, vendors with houses for sale were taking their properties off the market, planning to of sell them at a later date to benefit from future substantial price increases."

As this imbalance of supply and demand causes the stock of properties in Stratford to completely dry up, the Olympic ripple effect will see investors move outwards to snap up properties in West Ham, East Ham, Plaistow and Forest Gate.

It is thought the dry-up in Stratford may happen as soon as next week.

Once these areas have been exhausted, investors wanting to buy into the East London property market will be moving to Dagenham and beyond, fuelling supply shortages and price hikes in these areas.

Nick Clark, Managing Director of the Property Investor Show, comments: "The excitement surrounding the success of London’s 2012 bid is not limited to the thought of hosting the Olympics in seven years time."

"Property investors are aware that the knock-on effects of the decision will create a mini-boom in the surrounding area as desirability and demand are increased ten-fold. Those who had confidence in the London bid and bought East London properties prior to the decision are almost certain to see massive capital gains over the next few years."

"However investors also need to be aware that the immense costs of London hosting the Olympics will inevitably cause government spending to be withdrawn from other regeneration areas in the UK. To this extent, the tidal effect of the Olympic decision will have more devastating consequences further afield. Properties which are relying on government-funded regeneration schemes to increase their value are likely to see these schemes failing to complete as resources are diverted to the Olympic areas."

Experts on property investment and the housing market will be debating the effect of the London Olympics at a specially organised debate at the Property Investor Show from 23 to 25 September at London’s ExCeL centre. In addition, the show will feature an extensive ‘Olympic Village’ area with exhibitors specialising in property investment opportunities connected to London 2012.
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