Crossrail stations offer a haven for London’s house prices

Crossrail stations offer a haven for London’s house prices

0:03 AM, 24th May 2024, About a month ago

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While London has seen house prices fall in the past two years, properties near Crossrail stations have shown some growth, one estate agency says.

Benham and Reeves say the stations offer a surprising bright spot in the capital’s property market

On average, house prices near Crossrail stations have risen 3.3% since the Elizabeth Line opened in May 2022.

This compares with a 3.5% decline across the wider local authorities where these stations are located.

This means, the agency says, that properties near Crossrail stations have outperformed the surrounding areas by an average of nearly 7 percentage points.

Immediate uplift in property market activity

A director of Benham and Reeves, Marc von Grundherr, said: “Ever since it was first announced, there was a buzz about Crossrail and areas due to benefit from the scheme started to see an almost immediate uplift in property market activity.

“While there’s been a few bumps in the road, or line as it were, it remains a fantastic draw for potential buyers who value the ability to traverse the capital and beyond with greater ease.”

He added: “Of course, when it was first announced, no one could have predicted that higher mortgage rates and wider economic angst would result in the lethargic rate of house price growth seen across the London market over the last few years.

“However, in this respect, Crossrail has certainly been a silver bullet, with postcodes home to a station largely outperforming the local authorities in which they are located and many posting positive house price growth versus the declines seen across the wider area.”

House prices near Crossrail stations outside the M25

However, the trend extends beyond central London as house prices near Crossrail stations outside the M25 have grown by 5.7%, while the wider areas have seen minimal growth.

The W1 postcode, which includes both Tottenham Court Road and Bond Street stations, has seen the strongest growth at 17.2%.

Other areas showing resilience include Canary Wharf (E14) and Twyford (RG10).

Significantly, 34 out of the 41 Crossrail stations have seen house price growth in their surrounding postcodes since the line opened.

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