Crossrail property hotspots: Elizabeth line shuts down with fastest growing property price

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s London’s new transport link kicks in, the real winners – and losers – of the Crossrail project can finally be revealed.

A decade after work began on the Elizabeth Line, it is the modest south-east London suburb of Abbey Wood which has experienced the strongest price growth in the capital.

Average prices have risen 107% across the region, from £175,550 in 2012 to £362,870 today, giving first-time buyers a paper profit of nearly £190,000.

forest gatein east London saw prices soar 101% over the same period, to an average of £447,980.

Near mansion park prices rose 97% to an average sale price of £481,370, according to an exclusive study by estate agent Hamptons which analyzed price performance across the board.

Table: Crossrail winners over 10 years

Cross station

Average price

Growth over 10 years

Abbey Wood

£362,870

107%

forest gate

£447,980

101%

mansion park

£481,370

97%

“Crossrail has been the missing link in London’s transport network for many, many years,” said Raul Cimesa, London New Homes Manager at Knight Frank.

“Its opening will finally unlock and connect neighborhoods across London that shoppers may have previously felt were less well connected or too complicated to get too.”

What today’s top three slots have in common is relative affordability.

Abbey Wood: The Peabody Housing Association, which owns most of the Thamesmead Estate, is spending over £1billion to turn it into a thriving new neighborhood

/ Daniel Lynch

A decade ago they were among the cheapest options in the range, and buyers concerned about the investment potential rushed to take advantage of them.

“These are the areas that have always had the most to gain,” said Lucian Cook, head of residential research at Savills. “They came from the lower price point and more affluent buyers started to be attracted to them because of the new ways of getting around. They were also more accessible to a wider part of the market.

Forest Gate: prices rose 101% over the same period, to an average of £447,980

/ Daniel Lynch

The Crossrail locations that saw the lowest price growth over ten years started out as three of the most expensive choices. Influence and Ealingboth located in west London, have seen price growth of 59% and 58% respectively since 2012. Canary Wharf achieved 62% price growth over the same period.

“These areas were more fully priced at the start of the period,” Cook explained. “Nevertheless, Crossrail has had an impact in these areas, it has brought them to the attention of buyers and they will have been more inclined to hold on to the properties due to the potential for price growth.”

The new Crossrail hotspots

During the pandemic, a new breed of Crossrail hotspots have emerged, led by Southall, in far west London, where prices have jumped just over 14% in two years to an average of £425,000. Manor Park continued its winning streak, growing 11.4% over two years.

And Hanwell, a cheaper but equally leafy alternative to Ealing and Acton, saw price growth of 10.3% over two years. Average prices are now £586,463.

James Hyman, head of residential estate agents at Cluttons, believes Crossrail has prompted buyers to seek out locations in outlying areas – Southall and Hanwell are both in Zone 4 and neither currently has a tube station; Manor Park also has no tubing and is on the border of Zones 3 and 4.

Table: Crossrail winners over two years

Cross station

Average price

Two-year growth

Southall

£425,000

14%

mansion park

£481,370

11.4%

Hanwell

£586,463

10.3%

“People are selling their new one-bedroom square build and getting more space and outdoor space,” he said. “Ironically, even if they are moving away from London, their journey times, with Crossrail, will be considerably faster.”

At the other end of the scale, prices fell 4.3% in Woolwich and three percent in Whitechapel since 2020, as buyers flee urban areas more in search of open spaces and backyard gardens.

EalingBroadway suffered a 3.4 per cent price drop, possibly because its average price of £704,329 is prohibitive for many buyers.

House prices have fallen in Ealing, possibly because the £704,329 average is prohibitive for many

/ Daniel Lynch

On the whole of the Crossrail line, the strongest price growth since the start of work in 2012 is observed in its eastern (northern) part, from Whitechapel for Chadwell Heath.

Prices have increased by 85% over this period to an average of £433,000.

Prices along the eastern (southern) section, from Canary Wharf for Abbey Woodrose by 71%, to an average of £522,100, while prices on its western part, from Influence for West Drayton are up 63% to £600,100.

Fares on the western section of the Elizabeth Line, from Acton (pictured) to West Drayton, have risen by 63 per cent

/ Daniel Hambury

More recently, however, the western section of the line has begun to catch up. Prices are up 8.1% since the start of the pandemic, while the East (North) section is up 5.8% and the East (South) section is down 3.3%.

Buy agent Caspar Harvard-Walls, a Black Brick partner, believes there is potential for a price rebound as buyers can finally see the tip line in action.

“I think it had been delayed so many times that people had almost forgotten what it actually was,” Harvard-Walls said.

“When people see these modern, air-conditioned trains and the very fast journey times, I think there will be a huge increase in demand.”

And Cimesa believes the impact will be felt beyond the main Crossrail line. “This overloaded connectivity will have a significant domino effect on the whole capital, especially on areas located a few stops from the new line, whether by bus or metro,” he explained.

“This is where we could see the greatest benefits, as key areas such as Canary Wharf, the West End and the City will suddenly become much more accessible – most people’s changing stations will be reconsidered, and this will have positive impact.”

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