With the first Elizabeth Line trains spotted in the capital, our latest research has looked the changing face of the property market along the expanding Crossrail 1 line.
The line will not only open up the capital from east to west (and eventually north to south with CR2), but it will enable aspirational homeowners to look even further afield when searching for affordable property within commuting distance of London.
We’ve looked at trends for the average asking price around each station across the whole CR1 route from when the development was first approved in 2007, until now. The research shows that property surrounding the stations due to benefit from the service have increased by 80% on average, 3% more than London as a whole.
Asking Price Growth Since 2007
Biggest Increases in Asking Price
Some of the largest increases are predictably located within central London, with Whitechapel station seeing the largest increase in the last decade, up +159%. Paddington (+129%), Liverpool Street (+118%), Tottenham Court Road (+106%), Bond Street (106%) and Farringdon (98%) are the other centrally located stations to see some of the biggest increases in property values, placing second, third, sixth, seventh and ninth respectively.
Great news for London homeowners along the route who should see their property value increase even further – even better now they can use eMoov to sell their home and save thousands in fees when compared to London estate agents.
But it isn’t just central London feeling the benefits as the inflated price of property in the capital pushes buyers from the inside out, more peripheral areas of the capital are seeing large spikes in house price growth.
The remaining stations are all on the outskirts of London with property around Woolwich station seeing the largest increase of the lot at +117%.
Property surrounding Ealing Broadway (+111%), West Ealing (+105%) and Acton Main Line (+95%) have also seen some of the largest increases across the route.
Despite homeowners already adjusting their house prices for the imminent benefits of the Crossrail development, there are still a few pockets of relative affordability along the line in the capital’s surrounding commuter zones.
The decision to award Heathrow the third runway means the average property price surrounding the airport is the lowest across the route.
Reading (£342,386), Chadwell Heath (£365,721), Slough (£373,381), Burnham (£373,381), Harold Wood (£375,997), West Drayton (£379,224), Abbey Wood (£385,248) and Hayes and Harlington (£389,520) are the most affordable stations where the surrounding property price is concerned, all below £400,000.
There are also a number of stations just one stop from the Crossrail route that provides alternative commuting options for buyers struggling to get on the ladder. The likes of Colchester, Southend, Gravesend and Swindon are all home to an average asking price under £400,000 but should also benefit from the CR1 development.
Homeowners along the Crossrail route will be licking their lips with the first roll out of the service, as the development looks set to change the face of London transport and make traversing the capital easier than it has ever been.
Whilst many along the new line have already started to price their property based on the future benefits of the development, the service also opens up areas of the country that are just one stop away from a Crossrail terminal. As London buyers get pushed further and further into the commuter belt to find an affordable property, the new line should breathe further life into London’s commuter belt and even further afield than the traditional locations.
It goes without saying that property values surrounding the Crossrail 1 stations are increasing in value, and will only have higher price tags as time goes on, but it also allows for a greater number of people to lead career-driven lives in London and go home to an affordable property without such a lengthy commute.Russell Quirk