INDUSTRY NEWS

Black Hole predictors need longer view

People predicting a ‘black hole’ of debt following the 2012 Olympics need to take a long-term view, the Buy Association has said.

A spokesperson for the property advice company said the rejuvenation of the east end of London would bring business and prosperity because other cities that hosted the games have seen similar improvements.

Paul Collins explained the huge investment in the area’s infrastructure for the Games would not yield an instant return: "It does cost a lot of money to put the Olympics on and it does take a lot of time and a lot of work."

He was convinced the area "is one of the few places in the capital where there is still potential for expansion".

The Games are expected to cost £9.3 billion, half of the land is due to be used for social housing and 66 hectares are to be sold for commercial development.

Concerns have been raised that money borrowed from the National Lottery will not be repaid in full as property prices are growing slower than predicted.

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