The Crossrail effect - still offering opportunities

Property prices have leapt in most areas served by the new Elizabeth line. but there are some parts of London where prices close to a station are good value compared to their surrounding boroughs. 

The Queen attended the ceremony marking the completion of the Elizabeth line, with the public opening to follow on May 24th. Despite being three years late and billions over budget, the new line will transform east-west travel in the capital.

The new line will run from Reading and Heathrow in the west, through stations in central London, to Shenfield in the east and Manor Park in the southeast. Commuting from these areas to the West End, the City and the vast developments in Docklands will be transformed.

Postcodes served by a Crossrail station have seen property price growth exceed their wider boroughs by an average of 14%. At the extreme end of the scale, W1 prices have risen by over 200% since the project was announced in 2008, compared to 160% in the Borough of Westminster.

In less central areas, SW18 in Woolwich leads the way with an increase of 120%, with Goodmayes, Seven Kings, Romford, Twyford, Manor Park and Forest Gate all seeing rises of 100% plus.

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.
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The good news is there are still a number of stations where house prices surrounding a Crossrail station remain below that of the wider area and these make an ideal area of investment for savvy buyers with an eye on future house price appreciation.

Marc vor Grunherr, Director, Benham and Reeves

Areas close to Crossrail stations where prices are lower than their wider areas include Southall, where prices are 27% below the borough of Ealing. Others include West Drayton, Hayes, Brentwood and Ilford.