The development of London’s Crossrail has pushed property prices in nearby towns up by over 40 per cent since 2007, which has been noticed by property investors marking out the surrounding areas as a hotspot for investment.
New research from crowdfunding platform Property Partner revealed that over the past 10 years all 40 stations along the new Elizabeth Line have experienced price growth of double the average rate for England. 24 of the nearby areas have seen house prices rise by over 40 per cent, with this expected to intensify once the Crossrail is completed.
The 73-mile line will link parts of Berkshire and Buckinghamshire, via central London, to Essex and South East London, with the journey taking just 35 minutes in total. The average price rise in England has been around 25 per cent during the last decade, however average increase along the Elizabeth Line has been 48 per cent, reaching an average value of £530,000.
The most significant rises have been seen in central London, around stations such as Tottenham Court Road and Bond Street, which have each seen price growth of nearly 66 per cent, with values exceeding 1.7 million. Other areas that have benefitted from the Crossrail include Acton Mainline and Ealing Broadway, which saw growth of 57.7 per cent and 57.48 per cent respectively.
This influence has also spread to affordable areas in South East London, with Abbey Wood seeing an increase of 61 per cent rise to an average value of £289,468.
Chief executive officer of Property Partner, Dan Gandesha, 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.
‘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. The Woolwich and Abbey Wood areas are interesting as the huge scale of their regeneration projects, combined with slashing of travel times to Canary Wharf to eight minutes from Woolwich, means that real change is likely to take place over the next few years.’