Best value locations along the Elizabeth Line
May 24, 2022
Almost 50 years in the planning, the Elizabeth Line, or Crossrail as it was originally known, welcomes its first passengers today, following this month's official opening by the Queen.
Research by Benham and Reeves, has revealed that postcodes with stations due to benefit from the project have seen house prices increase by an average of 79% since the initiative was first announced in July 2008, carrying a 14% premium versus the wider areas.
Analysing house prices in postcodes home to an Elizabeth Line station, the survey shows how these postcodes compare to the wider local authorities in which they are located. Elizabeth Line stations in West London include Acton Main Line, Ealing Broadway, West Ealing and Hanwell.
There are 13 stations where average property values sit below that of the wider area, offering homebuyers some respective house price affordability.
Southall is home to the largest level of affordability, coming in -27% more affordable than the wider area of Ealing.
West Drayton (-17%), Hayes and Harlington (-15%), Brentwood (-13%) and Ilford (-13%) also offer some of the greatest levels of Elizabeth Line affordability when compared to the wider area.
HOUSE PRICE GROWTH
The W1 postcode, home to the Tottenham Court Road and Bond Street Elizabeth Line stations, has enjoyed the largest increase. Back in 2008, the average property price was just £725,603, but this has since climbed by 215% to just shy of £2.3m today.
The Woolwich CR station in the SE18 postcode has seen the second largest uplift in property values, climbing by 128% since the project was first announced, with the Goodmayes (116%), Seven Kings (116%), Romford (112%), Twyford (110%), Manor Park (103%) and Forest Gate (102%) CR stations also seeing surrounding property values climb by over 100%.
PROPERTY PRICE PREMIUMS
Not only have house prices increased notably, but on average, they also sit 14% above the average price of the wider areas in which the stations are located.
Again, Tottenham Court Road and Bond Street sit top, coming in 163% and 121% higher than the respective average price of property in the boroughs of Camden and Westminster.
Liverpool Street (40%), Twyford (32%) and Whitechapel (28%) also rank amongst the stations commanding the highest house price premiums versus the wider local area.
Research results: Tables show a) house price growth in postcodes home to a Crossrail station since it was first announced in 2008, and b) as compared to the average house price in the wider area.