New research conducted by property crowdfunding platform Property Partner has revealed that average property prices near the Crossrail route have increased since the project was announced ten years ago.
Data from the report indicates that 60% of regions around stations on the Elizabeth line-set to be completed in 2018-have seen property prices rises above the average rate.
24 of 40 locations near to Crossrail stations have seen above average price increases in comparison to property price increases in the rest of the South East since 2007.
The Crossrail route will provide a high-frequency commuter and suburban train service to link Berkshire and Buckinghamshire via central London to Essex and south-east London.
A good example is in Reading, where the average property price now stands at £425,804, an increase of more than one third over the last decade. Closer to London, regions such as Hanwell, West Ealing and Ealing Broadway have seen rises of 59.21%, 56.82% and 57.48% respectively.
During the last decade, all 40 stations on the Elizabeth line have seen nearly double the average house price in England. The average growth of property prices here is 48% over the period, bringing values over £530,000.
It comes as no surprise that regions around central London stations Tottenham Court Road and Bond Street have seen the largest rises-of nearly 66% each. Average property prices in these areas now stand at over a cool £1.7m. However, this growth is set to slow in 2017 as Brexit uncertainty grows.
Dan Gandesha, CEO of Property Partner, observed: ‘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, ‘he added.