With the initial launch of Crossrail just taken place, the property market has seen house prices in postcodes with stations due to benefit from Crossrail (CR) increase by up to 215 % since the project was first announced, carrying a 14 % premium compared to the wider areas.
Crossrail station postcodes have seen house prices climb by 79 % with the W1 postcode, with Tottenham Court Road and Bond Street Crossrail stations, seeing the largest increase.
In 2008, the average house price was just £725,603, but this has since climbed by 215 % to approximately £2.3m today, according to research by London lettings and estate agent Benham and Reeves.
The Woolwich CR station in the SE18 postcode has seen the second largest increase in property prices, climbing by 128 % since the project was first announced.
There are, however, around 13 stations where average property values sit below that of the wider area, offering investors and home owners future rapid growth.
Southall London has the largest level of Crossrail affordability, coming in 27% more affordable than the wider area of Ealing.
Hayes and Brentwood also offer some of the greatest levels of Crossrail affordability when compared to the wider area.
We expect that property prices in Crossrail areas will continue to rise quickly till the project is fully completed and beyond as these areas will continue to command a healthy premium because of excellent transport links.
The next phase of Crossrail is where the budding house market is primed for a take-off like we saw and is now known as ‘The Elizabeth Line Effect’. These make an ideal area for savvy investors with an eye on future property price appreciation.