House price boost to 60% of areas near Crossrail
Average house prices have shot up in 24 out of 40 areas that border Crossrail (now called the Elizabeth line), according to new research.
Analysis by property crowdfunding platform Property Partner has found that in the 10 years since the project was announced, all 40 stations along the 73-mile line have seen house prices rise by more than 41% in the South East. The new line will link parts of Berkshire and Buckinghamshire, via central London, to Essex and south-east London.
Property Partner’s analysis of Zoopla house price data found that house prices in Reading, which is the last station to the west of the new line, now average £425,804 – up by 35.7% over 10 years.
Head closer to London, and prices are more than twice what they were a decade ago in areas such as Hanwell (59.21%), West Ealing (56.82%), Ealing Broadway (57.48%) and Acton Mainline (57.70%).
House prices near stations along the Elizabeth line, which will be fully operational in December 2019, have gone up on average by 48% over 10 years, compared with a 25% rise in England over the same period.
In stations along the central London section of the line, property price rises have been even more meteoric. Properties near Tottenham Court Road and Bond Street have gone up by almost 66% and now average at more than £1.7 million.
House buyers considering buying along the Elizabeth line will find more affordable properties in south-east London. For instance, Abbey Wood has seen a 61% rise over the past 10 years, but average prices are £289,468.
|STATIONS||Current average value of property||Average property value 5 years ago||% change of property over 5 years||Average property value 10 years ago||% change of property over 10 years|
|Hayes & Harlington||£355,780||£241,354||47.41%||£237,076||50.07%|
|CENTRAL & SOUTH EASTERN|
|Tottenham Court Road||£1,705,486||£1,201,131||41.99%||£1,027,463||65.99%|
|AVERAGE - ALL||£530,549||£368,655||43.91%||£358,452||48.01%|
Dan Gandesha, chief executive of Property Partner, says: “Although the impact of Crossrail on the property market has been long heralded, this research is a solid reminder of how stations along the route have outperformed non-Crossrail locations over the past decade.
“Dramatic cuts in commuting times and substantial regeneration of some of the areas along the Elizabeth line have been the main appeal driving price growth.
“But prices near many Crossrail locations are still forecast to keep rising. Demand from owner-occupiers and tenants will only intensify once the projects are complete. For example, it currently takes 35 minutes to travel from Ealing Broadway to Liverpool Street station (in London’s ‘Square Mile’). That time will be almost halved when Crossrail arrives.
“The Woolwich and Abbey Wood areas are also interesting case studies. The huge scale of their regeneration projects, combined with slashing of travel times to Canary Wharf (eight minutes from Woolwich), means that real change is likely to take place over the next few years.”