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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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