In London, where mortgage rates are at a 40-year low, a typical buyer now spends just 16 percent of his or her gross annual income on mortgage payments, down from 41 percent in 1990, according to the Halifax Building Society, the largest British mortgage lender. Average rental value in England in November 2006 was £1012.

The difference across the country is staggering, look at the average price for scotland compared to england. However this will be affected by the London factor, it would be interesting to see the figures for England taking out the area of London.

House prices rose by at least 10 per cent in seven out of the 15 Olympic-associated areas, while Stratford (E15), the focal point for Olympic construction activity, recorded an eight per cent (£16,801) increase over the same period.

Only time will tell if the regeneration being put into the East End will cause prices to sky-rocket like Barcelona, or make more modest gains, but the early signs look encouraging for existing homeowners and investors alike.

Six Olympic-associated postal districts have yet to see house price growth reach double figures since the host city was decided. House prices rose in Homerton (E9) by 7 per cent, Forest Gate (E7), Stratford (E15), Walthamstow (E17) and Shoreditch (E1) increased by 8 per cent and Bethnal Green rose by 9 per cent.

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