The average price of a home in Waltham Forest now costs nearly £500 per square foot- almost double the figure from five years ago.

A property in the borough is now typically priced at £498 per square foot, a 84 per cent increase on the £271 per square foot the average home cost in the area in 2012.

The new figures, collected by property website Zoopla, found the only London borough where house prices are growing faster than Waltham Forest is Newham, which saw an 86 per cent price hike.

Earlier this year, a separate study by Halifax found house prices in Walthamstow had more than doubled in the five years after the Olympics.

The research found property values were rising sharply in areas close to the Olympic Park in Stratford, with the average house price in E17 shooting up from £238,348 to £479,421.

Lawrence Hall, a spokesman for Zoopla, said: "Analysing property prices per square foot is an effective way of seeing where you can achieve the most space for your money and can help steer you to areas you may want to focus your property search on, depending on your budget.

"The Home Counties have performed very well since 2012 in addition to some London boroughs, such as Newham and Waltham Forest, which have seen increases of over 80 per cent per square foot.

"This is no doubt in part due to the significant investment regenerating the area for the London Olympics."