House prices along Crossrail route steam ahead

House prices along Crossrail route steam ahead

According to Lloyds Bank research, properties close to stations along London’s new Crossrail route have already seen a growth in prices of 22% over a two-year period. Although still rising, prices of homes in the surrounding areas did so at the reduced rate of 14%.

The Elizabeth line will be operational in May of next year, but the planned route from Reading to Shenfield will not be active until December 2019.

Despite the proposed completion not being for several years, average property prices around future Crossrail stations have grown to £420,798 in 2016 from £344,242 in 2014. This is a rise of 22% compared to the 14% average growth for local authority surrounding areas and a 3% rise for Greater London.

28 from the 33 surveyed stations along the route have witnessed the growth of average house prices in the same postcode area and overtake the average for the surrounding local authority areas over the past two years.

Both located to the east of London, the biggest price increases have been for homes in Abbey Wood and Forest Gate. Abbey Wood’s prices have risen from £197,077 to £288,789, a growth of 47% whilst Forest Gate’s have increased from £330,680 to £483,362, a rise of 46%. West Drayton nearer the city centre has seen property value increase similarly by 46% to £363,849 from £249,790.

In the Burnham area, to the west of London, average house prices have climbed by 40%, coming just in front of Slough at 34% and Maidenhead at 32%. Over the past two years, the rises have overtaken the house price growth for the South East region as a whole, which only reached 15%.

Along the new route, the most expensive area is Paddington, where average house prices reach just over £1 million. Since the Crossrail project was granted Royal assent in 2008, Paddington property prices have observed the biggest growth, and over the past eight years have almost doubled (99%).

Homes close to Shenfield are the most expensive to the east of London at £659,675, whilst to the west, Langley’s cost the most at £589,157.

Commenting on the benefits of the new Crossrail service was Andrew Mason. The Mortgage Products Director at Lloyds Bank expressed intrigue at the growing property prices along the route and how they will grow until the full service becomes operational: “Crossrail promises to connect towns in Berkshire and Buckinghamshire to Essex and south-east London, via the centre of the capital, by offering a frequent and fast service which will integrate with the existing Underground network. This will clearly prove attractive to many commuters, as the new service will make it much easier to reach key destinations such as the City of London, Canary Wharf and Heathrow Airport.

“Even though we’re still three years away from the launch of the full service, the Crossrail effect is already having a positive impact on house prices near stations on the Elizabeth Line. It will be interesting to see how these grow further between now and the service becoming fully operational in December 2019.”

Georgia Owen

Georgia is the Content Executive and will be your primary contact when submitting your latest news. While studying for an LLB at the University of Liverpool, Georgia gained experience working within retail, as well as social media management. She later went on to work for a local newspaper, before starting at Today’s Conveyancer.

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