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| THURSDAY 7TH JULY 2005 |
 PRICES
ALREADY JUMPING ON OLYMPIC NEWS
The housing market is already reacting to the fabulous news
that London has won the right to host the 2012 Olympics.
A £2.3 million regeneration boost for the East End has already
activated an investor and opportunist interest and according to one property
website, 40% of agents have already experience a higher volume of call
from both prospective buyers and sellers alike.
And the market has already moved on the news. 0.9% of properties have
reportedly been removed from agents’ books as sellers expect to
see higher prices in the future.
Jim Buckle, managing director of propertyfinder.com said: "The
Olympics will give a tremendous boost to London and the rest of the UK.
They will force considerable and much needed transport infrastructure
investment on London."
"Over the long term, that will boost the property market in the
areas which benefit most from the new transport links."
The Olympic committee’s London decision paves the way for a new
planning body, the Olympic Delivery Authority, to drive the regeneration
of former industrial sites in the Lower Lea Valley.
Tessa Jowell has been appointed minister for the Olympics.
Simon Davis, GVA Grimley's head of London regeneration, said: "This
is the biggest, most ambitious regeneration scheme London has ever seen,
and now we have the news we have all been waiting for, the hard work
really begins.
"It is important for the ODA to be deployed immediately, and for
the team to be given all the assistance and backing it requires to enable
us to put the strategy into action."
RICS planning spokesman, Jeremy Edge, said: "The win represents
an enormous triumph for the UK and London in particular. In relation
to property investment and development it will transform East London
and act as a significant catalyst for regeneration in the Thames Gateway.
In addition to facilitating redevelopment in the Lower Lea Valley, the
relocation of businesses is likely to cause a domino effect in securing
the regeneration of areas further to the east, including Creekmouth to
Castle Green and London Riverside."
"There will be a need for the skills of Chartered Surveyors to
assist in land assembly, planning and development to realise this vision
to allow the UK to capitalise on today's success. The immediate need
will be for Government to press ahead with the infrastructure investment
required to create the accessibility that the Olympic Games will demand
and which will be an enduring legacy for London beyond 2012"
John Wriglesworth, chief housing economist at Hometrack said: "East
London has received an enormous boost following the IOC’s decision
for London to host the 2012 Olympics. It will see huge economic benefits,
including regeneration projects, new developments and the creation of
an Olympic Village, all of which will impact positively on house prices
in the surrounding area."
"Hosting the games is an incredibly prestigious event for any city,
and there is no reason to suggest that London won’t see the same
benefits as previous host cities. Massive investment in infrastructure,
world class sport facilities, thousands of new jobs, new homes and vastly
improved transport links will consolidate London as one of the leading
cities in the world, fuelling further investment in the housing market."
And it is not only London that will see a property surge
Millions of pounds will be invested in vital roads, property prices
locally are set to rise and vital investment will pour into the county
of Dorset, where the Olympic sailing events are to be held.
Fear that Weymouth and Portland’s infamous reputation for road
congestion would kill the Olympic bid has turned into jubilation at the
prospect of what the transport infrastructure improvements will do for
the tourist seasons afterward.
Olympics lunch diners on Bournemouth seafront erupted in cheers at an
event organised by the Dorset Business chamber. Media agency, Aylesworth
Fleming’s chairman Matt Fleming said of Britain's successful bid: "This
is amazing - nobody should underestimate what has been achieved here."
"This is phenomenal, what it's going to mean for the UK and for
Dorset is going to be beyond belief."
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