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Property prices in East London have risen substantially since the area was given the 2012 Olympics around a year and a half ago, according to new figures.

Following the successful Olympic bid in the summer of 2005, Leytonstone has seen its average house price rise by 23 per cent to nearly £276,000, while the cost of buying a home has increased by 21 per cent in Hackney and 18 per cent in Clapton.

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During this period, there has also been double-digit house price inflation in Leyton, Manor Park, Plaistow, Bow and East Ham, Halifax's report showed, although not in Stratford itself, where the Games will actually be focused.

Group economist Tim Crawford explained: "London's winning Olympic bid has boosted regeneration spending in the East End and this has had a positive effect on local house prices.

"There has been an increase in interest from first time buyers and investors alike."

In the run-up to the previous four Olympics, property prices increased by 19 per cent more on average in the host city than they did in the entire nation, with Barcelona experiencing particularly high price inflation between 1987 and 1992.

However, official statistics from last autumn showed that the rate of house price rises in East London was below average for the capital, with none of its boroughs amongst the top ten districts for annual growth.

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