With commuting times to London set to plummet, average house prices have soared near stations along the Crossrail route in the past decade.
According to property crowdfunding platform Property Partner, 60% of areas around stations on the new Elizabeth line – due to be completed by the end of next year – have seen higher than average house price rises in the past 10 years.
The research, which used data from Zoopla, found that 24 out of 40 locations near the Crossrail stations have benefitted from above average rises compared to property price increases in the rest of the South East of England since 2007 (an average of 41%) when the project was first approved.
The 73-mile line, providing a high-frequency commuter and suburban train service, will link parts of Berkshire and Buckinghamshire via Central London to Essex and South-East London.
Over the past decade, all 40 stations along the new Elizabeth line have achieved nearly double the average house price rise in England.
The current average house value in Reading – which boasts the outermost station on the western part of the new line – is £425,804, an increase in price of more than a third (35.7%) over the past decade.
Closer to London, areas like Hanwell (59.21%), West Ealing (56.82%), Ealing Broadway (57.48%) and Acton Mainline (57.70%) have experienced meteoric property price growth.
Areas around Central London stations Tottenham Court Road and Bond Street have seen the biggest rises – almost 66% each – with average property values now at more than £1.7 million.
However, price growth is predicted to slow down in 2017 partly due to uncertainty over Brexit. Prime Central London has already been falling in value due to lack of affordability, oversupply of high-end flats and stamp duty changes.
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.
“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.”
Increase in property values at Crossrail stations
| STATIONS | Current average value of property | Average property value five years ago | % change of property over five 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% |
| ENGLAND AVERAGE | £315,733 | £240,907 | 31.06% | £252,687 | 24.95% |