Property values along the Elizabeth Line worth 54% more on average
4th March 2016
- Average property increased 52% since building started in May 2009
- Stops in Forest Gate, West Ealing and Hanwell are highest risers outside Zone 1
London’s newest train line may be still more than two years from fully opening, but its impact on property values is already apparent. Property website Zoopla has researched the change in value of the homes in the outcodes for each station along the newly named Elizabeth line since construction began. The latest figures show that properties located along the line are now worth 54 per cent more than the average property in England.
Zoopla can reveal that properties located in outcodes (first part of a postcode e.g. SL6, SE18) corresponding to planned stops on the Elizabeth line have increased by 52 per cent (£182,727) on average since building work started in May 2009, compared to the average property in England, which has risen in value by 30% (£68,480) in the same period. As a result, the average Elizabeth line property is worth £522,192 compared to the national average of £298,863 – a difference of 54 per cent.
Unsurprisingly, central London hotspots Tottenham Court Road and Bond Street in W1C saw the biggest increase with a 66 per cent rise in average property value. However, the data also revealed some big movers in zones three and four – more than half of the 15 top performing stations sit within these zones. Zone three station, Forest Gate, secured third place with a 65 per cent increase in average property value since May 2009, while other outer-zone hotspots include West Ealing, Hanwell, Acton Mainline*, Ealing Broadway and Woolwich.
The stations with the lowest property value increases are those located right at the ends of the line, with Twyford (38 per cent), Brentwood (40 per cent) and Reading (41 per cent) at the bottom of the list. However, with the exception of Reading, even those stops located furthest away from the centre of the capital have seen property values outperform compared to the average home in England.
Lawrence Hall of Zoopla commented: “With just under two years to go until the line is fully operational the impact on property values close to the 40 stops is becoming clear. Proximity to transport is one of the key requirements when Londoners and commuters look to buy property. Whilst these rises will be welcomed by current owners up and down the line, it’s a reminder of just how hard it is to get onto the London property ladder. However with the new line extending as far as Reading in the west and Shenfield in the east it’s likely the property markets at the outer ends of the line will become very competitive as we get closer to the opening of the line.”
If you’re looking to find a property which provides you with a convenient route into work, but don’t want to fork out for the cost of a commuter hot spot, try Zoopla’s Travel Time Search tool to find an area that’s right for you.
Elizabeth line stations sorted by percentage price change since May 2009:
|Station (Outcode)||Zone||Current av. Property Value||£ change since May 2009||% change since May 2009|
|Bond Street / Tottenham Court Road (WC2)||1||£1,853,541||£739,200||66.33%|
|Forest Gate (E7)||3||£389,543||£154,161||65.49%|
|West Ealing (W13)||3||£710,114||£280,435||65.27%|
|Acton Mainline (W3)||3*||£623,673||£241,420||63.16%|
|Ealing Broadway (W5)||3||£792,896||£301,641||61.40%|
|Liverpool Street (EC2M)||1||£880,776||£331,904||60.47%|
|Custom House for ExCel (E16)||3||£373,601||£139,055||59.29%|
|Manor Park (E12)||3 / 4||£341,253||£125,047||57.84%|
|Canary Wharf (E14)||2||£515,704||£183,973||55.46%|
|Stratford / Maryland (E15)||2 / 3||£367,138||£130,862||55.39%|
|Abbey Wood (SE2)||4||£274,952||£97,401||54.86%|
|Hayes & Harlington (UB3)||5||£327,965||£111,201||51.30%|
|West Drayton (UB7)||6||£338,136||£114,634||51.29%|
|Heathrow T2&3** (TW6)||6||-||-||-|
|Heathrow T4 (TW6)||6||-||-||-|
|Goodmayes / Seven Kings (IG3)||4||£372,589||£114,888||44.58%|
|Gidea Park (RM2)||6||£432,885||£133,438||44.56%|
|Chadwell Heath (RM6)||5||£305,686||£93,528||44.08%|
|Harold Wood (RM3)||6||£284,117||£86,688||43.91%|
|Maidenhead / Taplow (SL6)||-||£545,849||£164,463||43.12%|
|Slough / Burnham (SL1)||-||£312,196||£92,024||41.80%|
All Zoopla data correct to 29th February 2016
- Ends -
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