House price boost to 60% of areas near Crossrail

Busy Oxford Street

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
WESTERN          
Reading £425,804 £305,236 39.50% £313,783 35.70%
Twyford £475,474 £340,842 39.50% £350,386 35.70%
Maidenhead £551,697 £401,293 37.48% £402,141 37.19%
Taplow £509,249 £370,417 37.48% £371,200 37.19%
Burnham £333,904 £241,208 38.43% £238,895 39.77%
Slough £388,522 £276,804 40.36% £275,079 41.24%
Langley £381,362 £271,703 40.36% £270,029 41.23%
Iver £594,060 £445,790 33.26% £439,231 35.25%
West Drayton £360,478 £253,287 42.32% £245,323 46.94%
Heathrow Airport £383,151 £281,667 36.03% £276,205 38.72%
Hayes & Harlington £355,780 £241,354 47.41% £237,076 50.07%
Southall £381,034 £258,066 47.65% £261,107 45.93%
Hanwell £551,812 £382,327 44.33% £346,594 59.21%
West Ealing £658,239 £466,969 40.96% £419,742 56.82%
Ealing Broadway £823,613 £573,427 43.63% £522,995 57.48%
Acton Mainline £637,190 £446,305 42.77% £404,052 57.70%
EASTERN          
Shenfield £744,386 £563,076 32.20% £543,705 36.91%
Brentwood £512,173 £387,423 32.20% £374,095 36.91%
Harold Wood £378,910 £254,353 48.97% £264,935 43.02%
Gidea Park £460,131 £308,999 48.91% £321,725 43.02%
Romford £359,058 £241,027 48.97% £251,054 43.02%
Chadwell Heath £333,431 £223,824 48.97% £233,136 43.02%
Goodmayes £355,512 £248,020 43.34% £254,592 39.64%
Seven Kings £379,173 £264,527 43.34% £271,536 39.64%
Ilford £400,332 £279,288 43.34% £286,689 39.64%
Manor Park £376,971 £247,502 52.31% £244,279 54.32%
Forest Gate £400,125 £257,945 55.12% £254,987 56.92%
Maryland £383,081 £256,860 49.14% £247,644 54.69%
Stratford £381,979 £256,465 48.94% £247,252 54.49%
CENTRAL & SOUTH EASTERN          
Paddington £1,038,913 £756,123 37.40% £662,234 56.88%
Bond Street £1,705,486 £1,202,995 41.77% £1,029,137 65.72%
Tottenham Court Road £1,705,486 £1,201,131 41.99% £1,027,463 65.99%
Farringdon £804,192 £558,079 44.10% £510,760 57.45%
Liverpool Street £777,550 £516,782 50.46% £499,582 55.64%
Whitechapel £729,885 £485,102 50.46% £468,957 55.64%
Canary Wharf £590,393 £398,054 48.32% £388,314 52.04%
Custom House £318,666 £210,967 51.05% £208,907 52.54%
Woolwich £336,611 £221,105 52.24% £215,610 56.12%
Abbey Wood £289,468 £198,538 45.80% £179,482 61.28%
AVERAGE - ALL £530,549 £368,655 43.91% £358,452 48.01%
SE AVERAGE £400,168 £283,727 41.04% £282,684 41.56%
ENGLAND AVERAGE £315,733 £240,907 31.06% £252,687 24.95%

 

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.”

Published: 27 January 2017
Last updated: 27 January 2017

More About

Leave a comment