Crossrail promises to be a game-changer – as soon as it eventually opens, that is.
The ultra fast rail service with a new fleet of extra long trains goes further and faster than any new Transport for London line before it.
The Elizabeth Line as it is officially known has been under construction for almost a decade, but is still at least a year from opening.
But that hasn’t stopped London’s predatory real estate market skyrocketing the prices around the stations regardless, The Mirror reported.
The average home near a Crossrail station now costs £665,103, compared to £330,770 in 2008, when the new railway route was given the green light.
While London has seen an average increase of 56.7 per cent in general, house prices on the not-yet-opened line have shot up by 83.9 per cent.
The increase is even more astronomical in some areas, like Tottenham Court Road, where prices around the financial crisis when Crossrail was green-lit had hit a low of just £700,000, compared with a current average of around £3 million. Thats an increase of 343.5 per cent.
The increase is even more impressive considering London in general saw its house prices slump by around 1.9 per cent last year, while houses the Crossrail were up by 2.1 per cent.
Director of Benham and Reeves, Marc von Grundherr, told The Mirror: “That said, the top line figures suggest that despite these delays, house prices surrounding the majority of Crossrail stations continue to outperform the wider London market and while not every station has been a silver bullet against poor house price growth, Crossrail remains very sought after amongst buyers with one eye on a future price increase.”
How house prices near Crossrail stations have changed since 2008
- Tottenham Court Road : £725,603 to £3,218,281
- Bond Street : £725,603 to £3,218,281
- Woolwich : £181,022 to £435,060
- West Ealing : £322,644 to £703,619
- Hanwell : £296,267 to £625,397
- Farringdon : £486,120 to £1,003,355
- Whitechapel : £346,101 to £708,490
- Langley : £250,372 to £495,100
- Manor Park : £222,916 to £438,154
- Romford : £199,635 to £387,083
- Acton Main Line : £313,803 to £592,620
- Maryland : £232,879 to £432,242
- Stratford : £232,879 to £432,242
- Forest Gate : £234,723 to £427,778
- Goodmayes : £254,328 to £455,159
- Seven Kings : £254,328 to £455,159
- Abbey Wood : £196,698 to £341,978
- Southall : £230,662 to £398,937
- Liverpool Street : £618,333 to £1,046,000
- Taplow : £375,349 to £632,318
- Maidenhead : £375,349 to £632,318
- Gidea Park : £290,884 to £486,154
- Ealing Broadway : £446,643 to £720,803