Homeowners along the under-construction Crossrail line, which ranges from Reading in Berkshire to Shenfield in Essex, via central London, will be pleased to hear property prices have shot up in value.
The newly named Elizabeth line began being built in 2009 and isn’t set to be finished in full until December 2019.
But the average price of homes along the route has already increased by 52% on average since building work began, according to new research by property website Zoopla.
In comparison, the average property price in England has risen by 30% over the same period.
Zoopla says this means the average Elizabeth line property is now worth £522,192 – 54% more than the national average of £298,863.
Lawrence Hall from Zoopla says: “With just under two years to go until the line is fully operational the impact on property values close to the 40 stops is becoming clear. Proximity to transport is one of the key requirements when Londoners and commuters look to buy property.”
Winners and losers
Central London hotspots Tottenham Court Road and Bond Street have seen the biggest increase, with an average 66% rise taking property prices to over £1.85m.
In zone 2, Whitechapel has seen the largest price rise with a 60% increase taking average property values to £565,998.
Forest Gate has seen the biggest price increase in zone 3 at 65% on average (taking prices to £389,543), while Hanwell topped the table for zone 4, with an average price rise of 63% (taking property values to £523,525).
The stations with the lowest property price rises are those located near the ends of the line, with homes in Twyford rising by 38% on average (taking prices to £576,796), properties in Brentford increasing by 40% on average (taking prices to £391,632), and homes in Reading seeing a 41% average increase (taking prices to £293,555).
‘Reminder of how hard it is to get on the property ladder’
But while Zoopla’s research is likely to be warmly received by homeowners planning on selling in the next few years, it’s a blow for those already struggling to get onto the London property ladder.
Mr Hall comments: “Whilst these rises will be welcomed by current owners up and down the line, it’s a reminder of just how hard it is to get onto the London property ladder.
“However with the new line extending as far as Reading in the west and Shenfield in the east it’s likely the property markets at the outer ends of the line will become very competitive as we get closer to the opening of the line.”
Click on the image below to see the station-by-station Crossrail property price changes.