Crossrail delays yet to derail house prices with further growth forecast by 2021

With Londoners facing yet further delays where Crossrail is concerned, leading London letting and sales agent, Benham and Reeves, has looked at what impact the development has had on house prices along the route, and how this growth has been impacted by its failure to be delivered on time.

Benham and Reeves looked at the average house price in the immediate areas surrounding each Crossrail station since it was approved over a decade ago and how these compare to the wider area each station is located within. Benham and Reeves also looked at the same data since the first delays were announced last year and what impact these delays have had on Crossrail price growth since.

Since launch

The data shows that when approved in the midst of the financial crash back in 2008, the average house price surrounding Crossrail stations sat at £330,770. Today, these house prices have jumped 83.9% to an average of £655,103, compared to a jump of just 56.7% across the wider areas these stations are located in where house prices average just £472,486.

The largest increase has been surrounding Tottenham Court Road and Bond Street, where property prices had slumped to just over £700,000 during the market crash, but have rebounded by some 343.5% since to hit an average of over £3,000,000 today.

Since the delays

However, the latest announcement that Crossrail won’t be ready until 2021 is the latest in a string of delays to the project, with the first of these announced in September 2018.

Despite these delays, house prices surrounding many of the Crossrail stations have continued to outperform the wider market increasing by an average of 2.1% over the last year, while the wider areas in which they’re located have struggled with political uncertainty and seen an average drop of -1.9%.

The largest increases over the last year have again been around Tottenham Court Road and Bond Street, although Whitechapel has seen the third largest rate of growth in the last year, with prices up 27.3% compared to a drop of -2.3% across Tower Hamlets as a whole.

By 2021?

Based on the previous data on Crossrail house price growth, Benham and Reeves forecast that house prices surrounding each of these stations could increase by a further 4.7% by the time the project is hopefully delivered in 2021.

Director of Benham and Reeves, Marc von Grundherr, commented:

“It’s clear that despite the ongoing delays to its launch, the future benefits of Crossrail continue to stimulate price growth at a top level in areas surrounding a station, although there are a handful of areas where Crossrail house price growth has lagged behind the wider area over the last decade.

This is of course, due to the fact that while price growth has accelerated since 2008, some areas have now come off the boil due to their ever increasing price tag and more recently due to wider Brexit uncertainty and a consistent string of delays to the project.

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.”

Average house price growth surrounding CR1 stations and their wider areas since launch in 2008 and now
Area	Project Launch: Average House Price – July 2008	Today: Average House Price – August 2019	Change
Crossrail Stations	£330,770	£655,103	83.9%
Wider Areas	£308,634	£500,003	64.5%

Average house price growth surrounding CR1 stations and their wider areas since first delays in 2018 and now
Area	First Delays: Average House Price – July 2008	Today: Average House Price – August 2019	Change
Crossrail Stations	£635,177	£672,466	2.1%
Wider Areas	£484,941	£472,486	-1.9%

Note: Left side of the table shows the change in house price surrounding each station with the percentage change highlighted in yellow. The right side of the table shows that change in house price across the wider area for each station with the percentage change highlighted in grey. Each table is ranked by Crossrail station house price growth from the highest to the lowest. Heathrow terminals were excluded from the table due to a lack of property surrounding the immediate stations.

Total house price growth surrounding CR1 stations and their wider areas since launch in 2008 and now
Crossrail Station (Outcode)	Average House Price – July 2008	Average House Price – August 2019	Change	Wider Area	Average House Price – July 2008	Average House Price – August 2019	Change
Tottenham Court Road	£725,603	£3,218,281	343.5%	Camden	£521,992	£815,639	56.3%
Bond Street	£725,603	£3,218,281	343.5%	City of Westminster	£545,556	£914,776	67.7%
Woolwich	£181,022	£435,060	140.3%	Greenwich	£233,729	£388,508	66.2%
West Ealing	£322,644	£703,619	118.1%	Ealing	£297,370	£476,497	60.2%
Hanwell	£296,267	£625,397	111.1%	Ealing	£297,370	£476,497	60.2%
Farringdon	£486,120	£1,003,355	106.4%	Islington	£394,994	£672,280	70.2%
Whitechapel	£346,101	£708,490	104.7%	Tower Hamlets	£301,441	£431,421	43.1%
Langley	£250,372	£495,100	97.7%	South Bucks	£398,807	£586,281	47.0%
Manor Park	£222,916	£438,154	96.6%	Newham	£233,407	£366,266	56.9%
Romford	£199,635	£387,083	93.9%	Havering	£232,706	£364,497	56.6%
Acton Main Line	£313,803	£592,620	88.9%	Ealing	£297,370	£476,497	60.2%
Maryland	£232,879	£432,242	85.6%	Newham	£233,407	£366,266	56.9%
Stratford	£232,879	£432,242	85.6%	Newham	£233,407	£366,266	56.9%
Forest Gate	£234,723	£427,778	82.2%	Newham	£233,407	£366,266	56.9%
Goodmayes	£254,328	£455,159	79.0%	Redbridge	£271,019	£427,984	57.9%
Seven Kings	£254,328	£455,159	79.0%	Redbridge	£271,019	£427,984	57.9%
Abbey Wood	£196,698	£341,978	73.9%	Bexley	£210,800	£341,079	61.8%
Southall	£230,662	£398,937	73.0%	Ealing	£297,370	£476,497	60.2%
Liverpool Street	£618,333	£1,046,000	69.2%	City of London	£442,352	£800,263	80.9%
Taplow	£375,349	£632,318	68.5%	South Bucks	£398,807	£586,281	47.0%
Maidenhead	£375,349	£632,318	68.5%	Windsor and Maidenhead	£348,519	£481,493	38.2%
Gidea Park	£290,884	£486,154	67.1%	Havering	£232,706	£364,497	56.6%
Ealing Broadway	£446,643	£720,803	61.4%	Ealing	£297,370	£476,497	60.2%
Chadwell Heath	£219,239	£352,339	60.7%	Redbridge	£271,019	£427,984	57.9%
Shenfield	£335,106	£538,182	60.6%	Brentwood	£267,944	£430,623	60.7%
Slough	£219,835	£350,406	59.4%	Slough	£195,387	£303,543	55.4%
Burnham	£219,835	£350,406	59.4%	Slough	£195,387	£303,543	55.4%
West Drayton	£215,631	£342,804	59.0%	Hillingdon	£257,672	£402,210	56.1%
Twyford	£303,248	£464,573	53.2%	Wokingham	£292,485	£416,612	42.4%
Harold Wood	£212,717	£312,107	46.7%	Havering	£232,706	£364,497	56.6%
Hayes and Harlington	£218,713	£320,188	46.4%	Hillingdon	£257,672	£402,210	56.1%
Ilford	£265,739	£360,698	35.7%	Redbridge	£271,019	£427,984	57.9%
Custom House	£279,065	£372,028	33.3%	Newham	£233,407	£366,266	56.9%
Reading	£218,559	£290,207	32.8%	Reading	£202,380	£295,353	45.9%
Canary Wharf	£382,767	£489,274	27.8%	Tower Hamlets	£301,441	£431,421	43.1%
Iver	£434,500	£552,850	27.2%	South Bucks	£398,807	£586,281	47.0%
Brentwood	£273,827	£347,819	27.0%	Brentwood	£267,944	£430,623	60.7%
Paddington	£957,350	£1,163,495	21.5%	City of Westminster	£545,556	£914,776	67.7%
Average	£330,770	£655,103	83.9%	Average	£300,414	£472,486	56.7%

Total house price growth surrounding CR1 stations and their wider areas since first delays announced in 2018 and now
Crossrail Station (Outcode)	Average House Price – Sept 2018	Average House Price – Aug 2019	Change	Wider Area	Average House Price – Sept 2018	Average House Price – Aug 2019	Change
Tottenham Court Road	£2,355,777	£3,218,281	36.6%	Camden	£816,541	£815,639	-0.1%
Bond Street	£2,355,777	£3,218,281	36.6%	City of Westminster	£1,022,506	£914,776	-10.5%
Whitechapel	£556,710	£708,490	27.3%	Tower Hamlets	£441,610	£431,421	-2.3%
Romford	£329,936	£387,083	17.3%	Havering	£373,092	£364,497	-2.3%
Taplow	£544,398	£632,318	16.1%	South Bucks	£630,666	£586,281	-7.0%
Maidenhead	£544,398	£632,318	16.1%	Windsor and Maidenhead	£494,212	£481,493	-2.6%
Farringdon	£946,341	£1,097,600	16.0%	Islington	£660,456	£672,280	1.8%
Manor Park	£380,629	£438,154	15.1%	Newham	£366,644	£366,266	-0.1%
Hanwell	£550,171	£625,397	13.7%	Ealing	£485,126	£476,497	-1.8%
Gidea Park	£435,500	£486,154	11.6%	Havering	£373,092	£364,497	-2.3%
Langley	£457,431	£495,100	8.2%	South Bucks	£630,666	£586,281	-7.0%
Acton Main Line	£550,092	£592,620	7.7%	Ealing	£485,126	£476,497	-1.8%
West Ealing	£653,813	£703,619	7.6%	Ealing	£485,126	£476,497	-1.8%
Chadwell Heath	£329,578	£352,339	6.9%	Redbridge	£426,553	£427,984	0.3%
Goodmayes	£430,262	£455,159	5.8%	Redbridge	£426,553	£427,984	0.3%
Seven Kings	£430,262	£455,159	5.8%	Redbridge	£426,553	£427,984	0.3%
Abbey Wood	£328,588	£341,978	4.1%	Bexley	£346,145	£341,079	-1.5%
Forest Gate	£424,209	£427,778	0.8%	Newham	£366,644	£366,266	-0.1%
Slough	£348,679	£350,406	0.5%	Slough	£307,083	£303,543	-1.2%
Burnham	£348,679	£350,406	0.5%	Slough	£307,083	£303,543	-1.2%
Canary Wharf	£488,326	£489,274	0.2%	Tower Hamlets	£441,610	£431,421	-2.3%
Shenfield	£542,242	£538,182	-0.7%	Brentwood	£427,534	£430,623	0.7%
Reading	£292,544	£290,207	-0.8%	Reading	£303,352	£295,353	-2.6%
Woolwich	£444,376	£435,060	-2.1%	Greenwich	£392,544	£388,508	-1.0%
Liverpool Street	£1,694,956	£1,611,575	-4.9%	City of London	£801,476	£800,263	-0.2%
Southall	£420,197	£398,937	-5.1%	Ealing	£485,126	£476,497	-1.8%
Maryland	£458,237	£432,242	-5.7%	Newham	£366,644	£366,266	-0.1%
Stratford	£458,237	£432,242	-5.7%	Newham	£366,644	£366,266	-0.1%
West Drayton	£364,938	£342,804	-6.1%	Hillingdon	£410,904	£402,210	-2.1%
Ilford	£394,021	£360,698	-8.5%	Redbridge	£426,553	£427,984	0.3%
Harold Wood	£353,564	£312,107	-11.7%	Havering	£373,092	£364,497	-2.3%
Ealing Broadway	£820,845	£720,803	-12.2%	Ealing	£485,126	£476,497	-1.8%
Brentwood	£403,859	£347,819	-13.9%	Brentwood	£427,534	£430,623	0.7%
Hayes and Harlington	£373,781	£320,188	-14.3%	Hillingdon	£410,904	£402,210	-2.1%
Twyford	£545,255	£464,573	-14.8%	Wokingham	£417,418	£416,612	-0.2%
Iver	£669,089	£552,850	-17.4%	South Bucks	£630,666	£586,281	-7.0%
Custom House	£470,404	£372,028	-20.9%	Newham	£366,644	£366,266	-0.1%
Paddington	£1,640,628	£1,163,495	-29.1%	City of Westminster	£1,022,506	£914,776	-10.5%
Average	£635,177	£672,466	2.1%	Average	£484,941	£472,486	-1.9%

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