The development of the new Crossrail Project, now dubbed the Elizabeth Line, is predicted to have a huge impact on house prices along the route. In an attempt to analyse the house price trends along the new route, property portal TheHouseShop.com have calculated an average house price for each of the 39 stations on the line.
In an attempt to gauge the house price growth in areas along the route, TheHouseShop have also calculated an average house price from 2007 (before the official announcement of the CrossRail development in 2008) for several stations along the line – creating a leaderboard table of stations with the strongest growth on the Eastern, Western and Central sections of the line.
- TheHouseShop have created a ‘Elizabeth Line Property Price Map’ infographic featuring average house price data for all 39 stations along the route
- The most expensive station was Bond Street with an average price of £4,456,525
- Bond Street was followed by Tottenham Court Road with £1,949,293 and Farringdon with £1,578,833
- The cheapest station was Heathrow Airport (combined terminals 2+3 and 4) with an average house price of £237,135, followed by Slough at £260,119 and Ilford at £271,926
- House price growth from 2007 to 2016 has been strong in areas along the Elizabeth Line route, dramatically outperforming the London average price growth for the same period.
- Stations in the central section have seen the strongest price growth. Since 2007, average prices in Farringdon, Bond Street and Tottenham Court Road have all risen by over 200%
- Stations on the Eastern end have also seen significant growth since 2007, with Shenfield delivering a staggering rise of 150.2%, representing a price rise of £692,720
- At the Western end, Maidenhead and Twyford have shown strongest growth since 2007 with 86% and 61.8% respectively
- The largest price increase for a single station was a whopping £3,296,409 rise for Bond Street– up from £1,160,116 in 2007, to £4,456,525 in 2016
By the time CrossRail is officially launched in 2018, it is estimated that an additional £14.7 billion in property value will have been added across all stations, and areas along the Elizabeth Line route which are already seeing significant growth above and beyond the underlying market trends.
Elizabeth Line House Price Growth Leaderboard 2007-2016
|Destination:||Calling at||2007||2015||Price Change||% Increase|
|Tottenham Court Road||£647,633||£1,949,293||↑£1,301,660||200%|
Journey times into central London will be cut by as much as 40 minutes for the outer stations on the line, creating a host of new commuter hot-spots and spurring house price growth for properties within walking distance of the stations.
TheHouseShop.com has calculated an average house price for the immediate area around each of the 39 stations on the Elizabeth Line by looking at the average price of properties currently on the market in each location. House prices vary hugely across the route, from Heathrow with an affordable £237,135 average price, to a whopping £4,456,525 for Bond Street, which is the priciest station on the line.
House Price Growth Since CrossRail Confirmation
TheHouseShop.com has looked at a selection of stations on the Eastern, Western and Central sections of the line in a bit more detail and calculated the percentage price rise since 2007, which can then be compared against the same stats for London as a whole.
The average house price for London in 2007 was £476,000 according to Land Registry figures, rising to £530,368 in 2015 – representing a price increase of £54,368 or 11.4%. This increase in average price seems relatively small when compared to the constant talk of ‘spiraling house prices in London’, but it is important to remember that the housing market was at its peak in 2007 before being sharply brought back down to earth during the 2008 financial crash.
Even taking into account the impact of the financial crash, it is still fair to say that stations along the Elizabeth Line route have far outperformed the London average for house price growth from 2007 to 2015/16.
TheHouseShop.com co-founder, Nick Marr, gives his thoughts on the results: “In these days of high rents and rising house prices, it totally makes sense that easier access to central London will have an impact on the desirability of both residential and commercial property. History shows us that wherever there are new transport links, we see rising house prices. A perfect example is the development of the Isle of Dogs, where drastic improvements to the area and a huge boost to house prices followed the launch of the DLR in 1987 and then the Jubilee Line extension in 2000.
“But for me, the real winners are areas on the outer regions of the line. These offer more realistic house prices and for hard-pressed home buyers, the Elizabeth Line will be just the thing to help them find an affordable property that is still within easy reach of the employment opportunities in central London.”
For additional information, go online at: www.thehouseshop.com