House values in places served by the new £18.9 billion Elizabeth Line have risen by as much as 215%, resulting in a bonanza for local property owners.
Since the project was initially announced in July 2008, average home values in postcodes near the new rail link have increased by 79 percent, placing them at a 14 percent premium above the surrounding region.
The most significant rise has been in the W1 postcode, which is home to the Tottenham Court Road and Bond Street Crossrail stations. The average house price in 2008 was only £725,603, but it has already risen by 215 percent to just shy of £2.3 million.
Woolwich station in the SE18 postcode has experienced the second largest uplift in property values, climbing by 128 per cent, with Goodmayes (116), Seven Kings (116), Romford (112), Twyford (110), Manor Park (103) and Forest Gate (102) also seeing surrounding property values more than double.
The Elizabeth Line has slashed journey times between the suburbs and the city centre, with Romford to Liverpool Street now taking 27 minutes and Stratford to Bond Street just 15 minutes.
Not only have house prices near Crossrail stations increased notably – they also tend to sit on a substantial premium to houses in the same area that are located further away.
Again, Tottenham Court Road and Bond Street sit top, coming in 163 per cent and 121 per cent higher than the respective average price of property in the boroughs of Camden and Westminster.
Marc von Grundherr, Director of Benham and Reeves, said: ‘Despite the extensive delays to its actual delivery, Crossrail has been the gift that keeps on giving for homeowners living within arm’s reach of a Crossrail station, with property values climbing considerably since it was first announced back in 2008.
‘We don’t expect this influence to subside anytime soon and house price growth surrounding these stations is likely to climb further still until the project itself has come to full fruition.
The Elizabeth line timetable for Paddington to Abbey Wood
‘Once it has and homebuyers know completely where they stand with the service available to them, this upward growth may well subside, however, these stations are likely to continue commanding a healthy premium in the same way a good tube link does in today’s market.’
But there are still bargains to be had – with no less than 13 stations where the average property values sit below those of the wider area.
Southall leads the pack for Crossrail affordability, coming in 27 per cent more affordable than the wider area of Ealing, followed by West Drayton (17) and Hayes and Harlington (15).
And the average London property now selling for £722,668, there are plenty of relative value to be found, including a three-bedroom 1930s family home in Abbey Wood with a front and rear garden.
Or in East Ham near Manor Park, A three-bedroom, two-bathroom apartment with a large open plan kitchen and a private balcony will set you back just shy of £500,000.
Below, MailOnline provides a round-up of family homes that now sit within easy reach of central London. All the properties listed have three bedrooms.
Nestled on the quiet residential roads of Shooters Hill and Plumstead Common, this Victorian terraced home is within convenient reach of Woolwich Crossrail station.
A brand new boiler was installed in 2021 and there is new double glazing throughout.
It is described as being ‘ideal for investors or first time buyers looking for somewhere to put their own stamp on’.
This beautifully presented three bedroom 1930’s family home in a quiet location just over 10 minutes’ walk from Abbey Wood station.
As you enter on the ground floor you are greeted by a cosy front reception room with original fireplace and an original bay window.
The property has been extended on the ground floor to create an open family room which includes a modern kitchen and patio doors looking out to a west-facing back garden.
An airy modern flat with two bathrooms, an open plan kitchen, and a lounge opening up onto a larger than average private balcony in East Ham.
Located less than 10 minutes by bike from Manor House station, the flat it also close to the High Street with an array of shops, restaurants and plenty of local amenities, bars and cafes.
There is a separate family bathroom and ample storage place, with the estate agent describing it as ‘ideal for a growing family or a buy to let investor’.
This three-bedroom, semi-detached family home has recently been extended and features ample living space downstairs including a lounge, dining room, study and additional family room.
To the rear there is a large private garden, while at the front is a driveway with parking and side access to the garden.
The property is in a convenient location and provides easy walking access to Twyford Train Station and the local High Street.
This property is situated in the heart of Old Southall not far from Southall Train Station, which has direct trains to London Heathrow and Paddington.
The ground floor consists of a reception room, a downstairs bedroom, a modern fitted kitchen, and a family bedroom.
There is also a large rear garden which can also be used as a parking space for multiple cars.
This three-bedroom house is described as having ample living space, an abundance of natural light and high ceilings that it a wonderful pleasant feeling throughout.
On the ground floor is a ‘spacious and stylish’ kitchen and dining room, family bathroom and a rear garden.
This property is situated within walking distance to local restaurants, pubs, a shopping centre, and Forest Gate station.
This double bayed Victorian home on a residential street in Ilford is described as having been recently refurbished.
A description describes it as being Located ‘within easy reach of Seven Kings Crossrail station, bus routes and local amenities’.
‘Viewing is advised to avoid disappointment,’ it adds.