First Time Buyer
Homes along Crossrail route see huge price rises in past decade
According to research by property crowdfunding platform, Property Partner, some 60% of areas around new Crossrail stations saw higher than average house price growth in the last 10 years.
Indeed some 24 out of 40 locations saw property prices rise more than 41% since the project was approved in 2007.
Hanwell in west London has seen a 59.21% increase in prices in the past decade from an average of £346,594 to £551,812. Over in the south east of London, Abbey Wood has been a major beneficiary as property prices have risen by a staggering 61.28% from an average of £179,482 to £289,468 in the same period.
Areas around the central London stations Tottenham Court Road and Bond Street saw the biggest price rises of almost 66% each.
Meanwhile all 40 stations along the new Elizabeth line achieved double the rate of average house price rises (almost 25%) in England – with the average property price rising 48% over 10 years to a current value of more than £530,000.
The 73-mile line, which will provide a high frequency commuter and suburban train service, will link parts of Berkshire and Buckinghamshire, via central London, to Essex and south east London.
Dan Gandesha, CEO of Property Partner, said: “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 (London’s ‘Square Mile’). That time will be almost halved when Crossrail arrives.”