More evidence has been published that the Cross rail line in London and out to nearby commuter towns is pushing up property prices with values up more than 40% since it as announced in 2007.
Over the last 10 years all 40 stations along the new Elizabeth Line have recorded price growth double the rate of the average for England as a whole, according to new research.
Some 24 of the areas near stations have seen prices rise more than 40% and prices are forecast to continue rising when the stations open as the new line slashes commuting times when it opens at the end of next year.
The 73 mile line will provide a frequent commuter and suburban train service linking parts of Berkshire and Buckinghamshire, via central London, to Essex and South East London. The 35 minutes that it currently takes to travel from Ealing Broadway to Liverpool Street station it set to be almost halved when Crossrail opens.
The research from crowdfunding platform Property Partner shows that the average price rise in England has been around 25% in the last decade but the average increase along the Elizabeth Line has been 48%, to an average value of £530,000.
For example, the current average house value in Reading is £425,804, an increase of 35.7% over the past decade while in Hanwell prices have risen 59.21%, up 56.82% in West Ealing, up 57.48% in Ealing Broadway and up 57.7% in Acton Mainline.
The areas around central London stations Tottenham Court Road and Bond Street have seen the biggest rises of almost 66% each with average property values now at more than £1.7 million.
Although prices will keep rising the growth is predicted to slow down in 2017 partly due to uncertainty over Brexit. The prime central London property market has already been falling in value due to lack of affordability, oversupply of high end flats and stamp duty changes.
Meanwhile, more affordable areas in South East London have also experienced strong rises with Abbey Wood seeing an increase of 61% rise to an average value of £289,468.
‘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,’ said Dan Gandesha, chief executive officer of Property Partner.
‘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,’ he explained.
‘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,’ he added.