Property values have increased fastest in Forest Gate, Abbey Wood, and West Drayton, according to Lloyds Bank.
What’s the latest?
House price rises for homes close to London’s Crossrail route are outpacing those in the surrounding area – before the new line has even opened.
The typical cost of a property close to one of Crossrail’s future stations has jumped by a whopping 22% in the past two years in anticipation of the new high speed rail line.
The increase compares with rises of only 14% for homes in the surrounding area, according to Lloyds Bank.
The first part of the new service, which has been named the Elizabeth Line, will begin operating in May 2017, although the full service, running from Reading, in Berkshire, to Shenfield, in Essex, will not be operational until December 2019.
Why is this happening?
Even though the full launch of Crossrail is still some way off, the improved connectivity the service will provide is already making homes close to the line more desirable.
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.
Above: two-bedroom flat for sale in Acton, west London.
Who does it affect?
The house price increase is great news for homeowners who live near the new line, with typical property values jumping from £344,242 in 2014 to £420,798 this year.
But the rises are less good news for people who may want to move to take advantage of the service.
Out of the 33 stations surveyed along the new Crossrail route, house price rises for homes close to 28 of them have outpaced those in the surrounding area during the past two years.
Sounds interesting. What’s the background?
Homes in Abbey Wood, in the east of London, have seen the biggest price increase with property values jumping by 47% to average £288,789, followed by those in Forest Gate, also in east London, and West Drayton, in south Buckinghamshire, which have seen gains of 46%.
The most expensive place to live on the new route is Paddington, where the typical property costs just over £1m, with prices almost doubling during the past eight years since the project was give Royal Assent.
At the other end of the scale, the best value property for those who want to take advantage of the new service is in Romford, in Essex, where house prices currently average £194,534, followed by Slough, where the typical home will set you back £235,803.
Top three takeaways
- House price rises for homes close to the Crossrail route are outpacing those in the surrounding area – before the new line has even opened.
- The typical cost of a property close to one of Crossrail’s future stations has jumped by 22% in the past two years in anticipation of the new line.
- The increase compares with rises of 14% for homes in the surrounding area.
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