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Crossrail raising house prices

  • July 12, 2022
  • 3 min read
Crossrail raising house prices

A decade after work on the Elizabeth Line, the impact it’s having on property prices is finally revealed. Those who bought property along some of its top stops are enjoying record price growth as the tube line finally opens. As it finally opens, the winners and losers can now be revealed.

Ten years after work began on the line, it is the south-eastern suburb of Abbey Wood that has seen the greatest growth in the capital. Average prices there have risen by 107 percent, from £175,550 back in 2012 to £362,870 today. This gives buyers a profit of almost £190,000.

Forest Gate in east London has seen prices soar by up to 101 percent in the same period, up to an average of £447,980, while nearby Manor Park hit an average of £418,370, an increase of 97 percent according to research by estate agent Hamptons.

“Crossrail has been the missing link in London’s transport network for many, many years,” said Raul Cimesa, head of London new homes at Knight Frank. “Its opening will unlock and finally link neighbourhoods across London  that previously buyers may have felt were less well-connected or too complicated to get too.”

A decade ago, these were among the cheapest options on the line. But buyers kept a close eye on investment potentials and “have surged to take advantage.”

“These are the areas which always had the most to gain,” said Lucian Cook, head of residential research at Savills. They came from the lowest price point and more affluent buyers started to be attracted to them because of the new ways to commute. They were also more accessible to a wider part of the market.”

Hanwell has seen growth too, enjoying a two-year price increase of 10.3 percent as average prices have hit £56,463.

According to James Hyman, head of residential at Cluttons estate agents, Crossrail has inspired buyers to look in locations in outlying areas.

“People are selling their boxy one bedroom new builds and getting more room and outside space,” he said. “Ironically even though they might be moving further out of London their commuting times, with Crossrail, will be considerably quicker.”

Along the whole line, the strongest price growth since work began in 2012 has been in the eastern section from Whitechapel to Chadwell Heath. Prices have risen by 85 percent, up to an average of £433,000.

From Canary Wharf to Abbey Wood, house prices have increased by 71 percent up to £522,100 while the Western section from Acton to West Drayton saw a 63 percent increase to £600,100.

Cimesa believes that the impact will be felt beyond the line itself. “This super-charged connectivity will have a big domino effect across the whole of the Capital, especially on areas that sit a few stops away from the new line either by bus or tube,” he said. “This is where we could see the biggest benefits, because key areas such as Canary Wharf, the West End and the City, will suddenly become a lot more accessible – most people’s changeover stations will be reconsidered, and this will have a positive impact.”

Image: Geoff Sheppard

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