House prices near future Crossrail stations have increased rapidly in anticipation according to Lloyds Bank research.
Prices have risen by 22% to £420,800 in the past two years compared to 14% for surrounding local authority areas and 13% in Greater London.
The new service, which has been named the Elizabeth Line, will begin operating in May 2017, though the full service from from Reading in Berkshire to Shenfield in Essex won’t be operational until December 2019.
Andrew Mason, Lloyds Bank mortgage products director, said: “Crossrail promises to connect towns in Berkshire and Buckinghamshire to Essex and south-east London, via the centre of the capital, by offering a frequent and fast service which will integrate with the existing Underground network.
“This will clearly prove attractive to many commuters, as the new service will make it much easier to reach key destinations such as the City of London, Canary Wharf and Heathrow Airport.
“Even though we’re still three years away from the launch of the full service, the Crossrail effect is already having a positive impact on house prices near stations on the Elizabeth Line. It will be interesting to see how these grow further between now and the service becoming fully operational in December 2019.”
Homes in Abbey Wood and Forest Gate to the east of London have seen the biggest price increases 47% to £288,800 and 46% to £483,362.
Towards the city centre West Drayton has seen values climb by 46% from £249,790 to £363,849.
And to the west of London, homes in Burnham have seen their average house prices jump by 40%, followed by Slough (34%) and Maidenhead (32%).
The most expensive area on the new route is Paddington, where the average house price is just over £1m after doubling (99%) in the past eight years.
To the east of London, homes close to Shenfield are the most expensive (£659,675) and to the west, Langley costs the most (£589,157).
Homes near Langley Station also have the highest premium, costing more than double (101%) the surrounding area of Slough.