Crossrail proving to be property market ‘silver bullet’

Some 34 of the 41 Crossrail stations have seen positive house price growth across their respective postcodes since it launched.

Brentwood Station

Locations with a Crossrail station have seen property prices increase by an average of 3.3% since the line launched two years ago, latest research from Benham and Reeves reveals.

Some 34 of the 41 Crossrail stations have seen positive house price growth across their respective postcodes since it launched, while 34 of the 41 stations have also seen postcode house price performance outperform that of the wider local authority.

PRICES INCREASING

While the wider London property market has largely struggled since Crossrail officially opened in May 2022 postcode analysis by Benham and Reeves across each of the 41 Crossrail stations like Brentwood (main picture) found prices increasing.

Elizabeth line sign outside Bond Street station, London.
Bond Street

The W1 postcode, home to both the Tottenham Court Road and Bond Street Crossrail stations, saw the highest rate of house price growth since the line opened – up by 17.2% since May 2022.

But the wider boroughs of Camden (-19.7%) and Westminster (-14.3%), of which the W1 postcode covers, have both seen the most significant reductions in the average house price of all Crossrail local authorities over the last two years.

The Canary Wharf Crossrail postcode of E14 has seen the average house price climb by 11.8% versus a -9.1% reduction seen across the wider borough of Tower Hamlets.

The RG10 postcode of Twyford has also seen double-digit house price growth of 10.5% since the launch of Crossrail, nearly double that compared to the growth seen across the wider area of Wokingham (6.4%).

FANTASTIC DRAW
Marc von Grundherr, Benham and Reeves
Marc von Grundherr, Director, Benham and Reeves

Marc von Grundherr, Director of Benham and Reeves, says: “While there’s been a few bumps in the road, or line as it were, Crossrail remains a fantastic draw for potential buyers who value the ability to traverse the Capital and beyond with greater ease.

“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.”

Her adds: “ 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.”


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