The hosting of the 2012 Olympics in London is great news for the city and for the UK. The main Olympic Park will be situated close to Stratford and as a result the surrounding area is seeing large scale regeneration and it is predicted that the Olympics will have a positive impact on transport links, urban gentrification and the local economy. Unfortunately so many positive aspects can have some fallbacks, as urban gentrification progresses a rise in property prices can often follow, which in turn can cause local property taxes to rise which can result in some residents having to move out of the area.
Property prices are also likely to rise in the area which can mean that some properties and areas can become too expensive for some people. Coupled with the current difficulties with the banks, which has made it difficult for some people to take out mortgages, individuals with low incomes or indeed contractors (without a steady income) may find it difficult to move to the area. Contractors and the self-employed in particular often find it difficult to take out mortgages due to the nature of their employment status as it can be difficult to prove a regular income; in this case mortgages for contractors are best achieved using the help of contractor specialists.
On a positive note though gentrification can often bring lower crime levels and new business to areas, so I believe the impact will ultimately be beneficial for the Stratford area. The regeneration of Stratford and the forthcoming Olympic Games will be beneficial for London as a city and a celebration the whole world can share in.