The London borough of Newham, home to the former Olympic Stadium, Boleyn Ground and West Ham United, enjoyed the biggest rise in house prices across the UK in 2015, according to the Halifax.
The average house price there rose 22.2% over the year compared with 2014. Homes in Newham, situated five miles east of the City of London, are now worth an average £319,522 as against £261,399 previously.
This could potentially be good news for Galliard Homes who purchased the land the Boleyn Ground is built on. Earlier this year Barratt Homes joined forces with Galliard to transform West Ham’s former stadium into flats.
It is understood that the two building firms are currently seeking planning permission for the development, and are in discussion with Newham Council over the level of “affordable housing” that must be provided.
Galliard faced criticism earlier this year over its initial plans for the Boleyn Ground. In its original proposal, the developer detailed a “village” of 838 homes in blocks up to 15 storeys high, with just 51 units – or 6pc of the total – deemed to be “affordable”
However, a senior source told ClaretandHugh it is doubtful whether the increase in Newham prices will help the developers turn a bigger profit at West Ham’s former home. Our source told us: “West ham received a flat fee for the land, but they (Galliard) over paid in the first place. It’s a bad part of Newham. The real growth is near Stratford & the Olympic Park.”