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Olympic ‘Distraction’ causes House Price Drop

Sellers of properties within the UK slashed house prices in the month of August, due to the Olympic Games causing a distraction to buyers, along with the faltering economy within the UK to blame too.

Data from Rightmove Plc indicates that asking prices in England and Wales fell by an average of 2.4pc as sellers battled against lack of attention from buyers.

London alone saw values of housing fall by 1.2pc, and this left the average price of housing within the UK at £236,260. This will come as a blow to the Bank of England, who have been trying hard recently to kick-start lending, especially looking at getting the housing industry moving again.

There is also no evidence as of yet that those living in the London borough of Newham, where the Olympic Stadium is built, have experienced any sort of benefit in terms increasing the value of their property from the Olympic Games either. Since the games were awarded to London in 2005, the average value of property in the city has risen by 60pc, however for properties in Newham; the value of increase has been just 26pc.

This will be disappointing for residents who would have hoped to have seen larger increases.

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