House Prices Soar by up to 73% along Crossrail Route

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Homeowners living in top five performing areas since 2013 set to pocket more than £100,000 on the value of their property

The Crossrail project continues to boost local house prices, with the value of properties in walking distance* of new stations growing by as much as 73% since 2013, new Groundsure research released today reveals. The rate of house price growth in these areas has outstripped the London average by more than 56%.

The top five areas that have seen the biggest growth since 2013 are Taplow (73%), Gidea Park (49%), Custom House (46%), Hayes & Harlington (46%) and Southall (45%). Based on increases in these areas along the route, homeowners who purchased in 2013 are set to pocket on average an additional £117,000**.

The Groundsure research also investigated areas along the route that are yet to see the benefits of the ‘Crossrail effect’. House prices in Harold Wood have only risen by 1%, compared to the London growth average of 17% since 2013. Bond Street and Chadwell Heath saw rises of 6%, Ilford 7% and Tottenham Court Road only 9%.

Dan Montagnani, managing director at Groundsure said: “The Crossrail effect has been widely debated in the press of late, but the general consensus has been that it will have a profoundly positive effect on property prices across the capital. This data goes to show that the experience for homeowners isn’t consistent across the city, as proven in the difference between prices in areas like Taplow and Harold Wood.”

Montagnani added: “There is no doubt, however, that the new is essential to supporting growth in London which will, in turn, boost the rest of the economy. With the recent announcement of the proposed route of Crossrail 2, a North to South cross-London version of the Crossrail project, homeowners in areas close by may well have reason for excitement.”

Groundsure created this report using Land Registry Price Paid data, which includes all residential property transactions registered with the Land Registry between 1 January 2013 and 31 March 2015.

Groundsure produces a range of reports that detail proximity of any site to the new rail network, which is set to become fully operational in 2018. They also provide a range of environmental data reports for solicitors, homebuyers, businesses, consultants, surveyors and lenders to make informed property-transaction decisions.


Notes to editors

*Based on ten minute walk (800m)

** Based on average house price of £225,100 (2013) and £342,200 (2015) in top 5 performing areas along the Cross route  

Station% change
2013-2015
Average house price
2013
Average house price
2015
Compared to London average
Taplow73%£232,900£402,47573%
Gidea Park49%£240,309£357,86049%
Custom House46%£246,022£360,14346%
Hayes & Harlington46%£213,895£311,23146%
Southall45%£192,454£279,27145%
Hanwell37%£376,631£514,60937%
Forest Gate35%£239,142£323,82135%
West Drayton35%£216,434£291,32235%
Stratford34%£239,585£321,95734%
Abbey Wood34%£184,846£246,81834%

 

Table 1: Table showing percentage change (2013-2015) for top 10 highest performing areas within a ten minute walk of stations along the Crossrail route

Station% change
2013-2015
Average house price
2013
Average house price
2015
Compared to London average
Tottenham Court Road9%£1,102,912£1,203,671-8%
Ilford7%£223,611£239,244-10%
Chadwell Heath6%£223,193£237,617-10%
Bond Street6%£1,334,192£1,407,891-11%
Harold Wood1%£253,958£256,749-16%

 

Table 2: Table showing percentage change (2013-2015) for 5 worst performing areas within a ten minute walk of stations along the Crossrail route

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Table 3: Percentage change in house price along the route of Crossrail within ten minute walk of stations (2013-2015)

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