Olympics boost affordable housing calls

17-Oct-2005

First time buyers are being priced out of the market in the traditionally cheaper parts of London because of the impact of the successful bid to host the Olympic Games in the city in 2012.

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New figures released by Rightmove have shown that the boroughs closest to the site designated for the Olympics have seen some of the sharpest price rises over the previous month, sparking calls for an increase of investment in affordable housing in the capital.

Although one of the ideas intrinsic to the bid was the creation of a swathe of affordable housing opportunities once the Games have finished, there is little opportunity for first time buyers in the region to get onto the first rung of the property ladder at the present time, because of the interest that has been created in properties in the area.

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As such, many groups are calling on the government to deliver affordable housing opportunities before the 2012 Olympics, to get more aspiring homeowners onto the first rung of the property ladder within the next seven years.

The growth in prices, which has also been seen in other areas across the UK, also appears to be a call to action for aspiring first time buyers, as analysts are increasingly of the opinion that the market has now bottomed out.

That means that first time buyers will need to get their hands on a property sooner rather than waiting, as prices are now set to rise steadily over the coming months, rather than falling any further.

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