The introduction of the Elizabeth Line has helped to hitch up house prices in areas close to a Crossrail station, research has found [1].
Crossrail delivered the new railway, which now runs from Heathrow and Reading to Shenfield and Abbey Wood. Parts of the service were introduced in 2022, with the line fully opening in May 2023. Over the last two years, houses near to a Crossrail station have increased in price by an average of 3.3%. Overall, there are 41 Elizabeth Line stations and 34 of these have seen positive house price growth in their postcode areas.
Prime location House prices have grown the most in the W1 area; with access to both Bond Street and Tottenham Court Road stations, prices are up 17.2% when compared with May 2022. Also, average prices in E14 (close to Canary Wharf) have gone up by 11.8%, while houses in the rest of Tower Hamlets borough have dropped by -9.1%.
[1] Benham and Reeves, 2024
🚨 Data accurate as of the date of publication – 30.08.2024
🚨Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.
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Source: Quilter Financial Planning – Essentially Mortgages Q3 2024
