The Lower Clapton Road in Hackney, east London, may not sound like the most glamorous address. But residents of its Victorian family homes may soon be giving it an entirely new nickname — “Golden Mile” — and congratulating themselves on their foresight, given that the area has experienced some of the fastest price growth in the capital during the past 12 months.

Figures released by the Halifax last month show average property prices have risen in Hackney by 21% since London won the 2012 Olympics, while prices in London overall rose by only 15%. Fourbed houses that 18 months ago could be had for less than £300,000 are selling for up to £425,000, many going to competitive bids. Nearby Leytonstone and Clapton saw rises of 23% and 21% respectively.

With the average price in the capital now at £330,848, according to the Halifax, it has identified eight postal districts close to the main Games site where you can snap up a bargain for more than 25% below this. So where are they, what can you get, and how much can you expect to pay?

Stratford (E15)

As the focal point for Olympic construction activity, work is about to start on a huge shopping centre; Stratford International rail terminal is built and the plan is to open it as a station on the new Eurostar route from 2009. Housing stock is mainly two-and three-bedroom Victorian terraced houses; prices range from £180,000 for a two-bed flat to about £300,000 for a three-bed house. Modern developments are on their way: the £4.4 billion Stratford City will create 4,500 new homes, some by 2009.

Leyton (E10)

Scruffy and slightly down-at-heel, Leyton nevertheless has potential. It’s on the Central line for a start, and also pops up in the Lower Lea Valley Planning Framework devised by the Mayor of London, Ken Livingstone, as being ripe for transformation, so expect increased and better open space, Tube improvements and more housing. Quiet streets of Victorian terraces make up most of the housing stock, along with a handful of 1930s properties. A two-bedroom house will set you back about £245,000.

Manor Park (E12)

Until now it has primarily been a buy-to-let area full of students, immigrants and die-hard East Enders. But the “Gateway to the East” is less than 15 minutes by train from Liverpool Street, will be served by Crossrail by 2015, with commuter links to Kent, and is ripe for development. Property is typically semi-detached and Victorian.

One-bed flats start at £175,000; three-bed houses sell for about £270,000.

Plaistow (E13)

The cheapest postal district near the Olympic site has an average house price of £196,263. “There will come a time when the Barking Road will see Starbucks, but we’re not quite there,” admits Matthew Gardner, assistant manager at estate agency Spicer McColl’s Plaistow branch. However, it is on the District line, and will benefit from the council’s West Ham and Plaistow New Deal For Communities regeneration programme. New City Estate is the place to buy; a two-up, two-down costs about £200,000.

East Ham (E6)

A pleasant suburb of predominantly Victorian terraced houses, East Ham is a bustling, multicultural place. It has also been targeted by Livingstone as a “centre of surplus capacity”, so expect some big retail centres as part of a regeneration proposal covered by Livingstone’s London Plan. Served by the Hammersmith & City and District lines and on a good bus route, it’s easily accessible. The average house price is £207,543; a two-bed terraced house costs about £225,000.

Homerton (E9)

“Homerton’s main problem is that it has always been seen as a bit isolated,” says a Hackney council representative. However, from November, it will be covered by Transport for London routes, and by 2009, trains into London will be running 8-10 times an hour (up from four). Some 30% of the Olympic Park will be in Hackney — most of it very close to Homerton — so all this should push up the average price of £230,676 nicely, and see a rush on the few Victorian terraces available: most property on offer is ex-local authority.

Forest Gate (E7)

The open spaces of Wanstead Flats, combined with proximity to the City (Liverpool Street is an easy 12-minute journey), makes Forest Gate an attractive investment opportunity. Green Street, its main drag, provides something of an Asian shopping odyssey; Forest Gate and Maryland stations both link directly to Stratford. A two-bedroom flat in the area will set you back about £180,000; £290,000 will get you a three-bedroom house.

Walthamstow (E17)

The birthplace of the band East 17 and home to one of the country’s biggest dog tracks has a lot more to offer than baggy jeans and greyhounds. First-time buyers and young professionals have flocked here, attracted by its affordable prices and good transport links — the journey to Liverpool Street is just over 15 minutes by rail — and the area boasts a smart new bus station and several trendy new cafes and bars. Housing stock is typically Victorian terraces and 1930s property. Prices start from £150,000 for a one-bed flat, while a three-bedroom house with a garden will set you back £250,000-£300,000.

So there is a myriad of affordable property out there, if you know where to look. And although they might not be öber-desirable now, these areas are changing for the better. As Liam Bailey, Knight Frank’s head of residential research, points out: “There’s no real option for Greater London than to get it right in east London. There’s no room anywhere else: this is where the future of London is.”

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers