TPM has a great slideshow of pictures from the 1948 London Olympics. Notwithstanding today's bad taste that austerity is producing , the 1948 Games were know as the "Austerity" games. No games were held in 1940 and 1944 due to the war and Britain was still in the throes of recovering from WWII. Nothing new was built for the games and everything was held in existing venues...mostly Wembley Arena.
It was also the first games that were televised. Some great pictures.