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Crossrail drives property prices up 22% in two years

by: Mortgage Solutions
  • 05/12/2016
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London’s new Crossrail route is already having a positive effect on house prices along the new line, according to Lloyds Bank.

This is despite the fact that the service partially opens for the first time next May, and the full line won’t be fully operational for another three years.

House prices near future Crossrail stations have seen an average increase of 22% over the past two years, from £344,242 in 2014 to £420,798 in 2016, compared to an average 14% growth in surrounding areas and a 13% rise for Greater London.

Of the 33 stations surveyed along the new Crossrail route, 28 have seen average house price growth for homes in the same postcode sector outpace the average house price growth for the surrounding local authority areas.

Biggest risers

Homes in Abbey Wood and Forest Gate, both east of London, have seen the biggest price increases – Abbey Wood is up 47% from £197,077 to £288,789, whilst Forest Gate has increased by 46% from £330,680 to £483,362. Towards the city centre, West Drayton has also seen values climb by 46% from £249,790 to £363,849.

To the west of London, homes in the Burnham area have seen their average house prices jump by 40%, followed by Slough (34%) and Maidenhead (32%).

Million pound properties

The most expensive area on the new route is Paddington, where the average house price is just over £1m. 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).

Andrew Mason, Lloyds Bank mortgage products director, said: “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 (the name for the new line). It will be interesting to see how these grow further between now and the service becoming fully operational in December 2019.”

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