Londoners believe Olympics will improve city

More than 70 per cent of Londoners believe that the 2012 Olympic Games will be beneficial to the city, a survey has shown.

With the capital's property market in danger of collapsing and lenders becoming more stringent with mortgages, Londoners have said that the Olympic Games and the benefits that come with it may be exactly what the city needs.

One respondent said: "It's terrific. Any regeneration is good and Stratford … could do with development. It's getting there already and you can start seeing the difference and anything that is going to give it an economic boom is welcome."

Regenerations projects are currently being implemented in a number of East London boroughs, such as Hackney, Newham, Tower Hamlets and Greenwich.

The Olympic Park development in Lower Lea Valley is likely to attract renters to the capital, as it promises 4,000 new homes and a substantial number of employment and business opportunities.

A recent report suggested that the Queen's Westminster residence, Buckingham Palace, had lost over £50 million of its value due to the credit crunch.

Published 4th September, 2008

© 2008 Estates IT Limited

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