London Property Market News: Olympics will lead to London price rises

By: Paramount-Magazine Published Date: 23 Dec 2011 17:57

Next year will be far from easy for estate agents but the London Olympics will create a mini boom in the capital.

This is according to Graham Lock, director of Housenetwork.co.uk, who said that the market is far from buoyant but next summer’s games will lead to a continuation of house price rises.

“For 2012 we're probably going to see another five per cent [price] increase, which obviously has a lot do with the Olympics and London being the spotlight,” he said.

“I think the first six months, you'll see five per cent and then it depends on the legacy of the Olympics - what's going to happen after.”

Recent predictions have also suggested that the hotelier trade will see a major boost in 2012 thanks to the Olympics.

Mark Blick, managing director of brokerage consultancy Soric International, said in October that the UK remains a strong place for hotels to operate in and many individuals and firms will reap the rewards after next year’s big sporting event.

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