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Properties Close to Elizabeth Line Stations Rise in Value

Properties Close to Elizabeth Line Stations Rise in Value
18 May 2022
 

Postcodes with stations due to benefit from the new Elizabeth Line have seen house prices increase by 79 per cent since the project was first announced.

The first new Elizabeth line services will commence on Tuesday 24 May, and the predicted “transformational new railway” is set to increase central London rail capacity by 10 per cent and relieve congestion on many existing rail and Tube lines.

London lettings agent Benham and Reeves has been tracking Crossrail house prices since the project was first announced in July 2008.

Analysing house prices in postcodes home to an Elizabeth Line station, they’ve monitored house price growth and how these postcodes compare to the wider local authorities in which they are located.

 

W1 Postcodes Show Biggest Increase

 

The latest data shows that W1 postcodes, home to Tottenham Court Road and Bond Street Crossrail stations, have seen the largest increases. In July 2008, the average property price was £725,603, but this has since climbed by 215 per cent to almost £ 2.3 million today. 

The Woolwich CR station in the SE18 postcode has seen the second-largest uplift in property values, climbing by 128 per cent since the project was first announced.

House prices in properties close to Elizabeth Line stations also, on average, sit 14 per cent above the average price of the wider areas in which the stations are located. 

Again, Tottenham Court Road and Bond Street sit top, coming in 163 per cent and 121 per cent higher than the respective average price of a property in the boroughs of Camden and Westminster. 

Director of Benham and Reeves, Marc von Grundherr, commented: “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. 

Once it has and homebuyers know completely where they stand with the service available to them, this upward growth may well subside, however, these stations are likely to continue commanding a healthy premium in the same way a good tube link does in today’s market.”

Picture: a photograph of HM Queen Elizabeth II, HRH Prince Edward Earl of Wessex, at the unveiling of a commemorative plaque at Paddington’s Elizabeth line station. Image Credit: ©Transport for London

Article written by Ella Tansley | Published 18 May 2022

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