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Home Press releasesProperty marketCrossrail house prices up by as much as 215% since it was first announced

Crossrail house prices up by as much as 215% since it was first announced

With the initial launch of Crossrail imminent, research by London lettings and estate agent, Benham and Reeves, has revealed that postcodes with stations due to benefit from Crossrail (CR) have seen house prices increase by 79% since the project was first announced, carrying a 14% premium versus the wider areas.

Benham and Reeves has been tracking Crossrail house prices since the project was first announced back in July 2008. Analysing house prices in postcodes home to a Crossrail station, they’ve not only monitored house price growth, but also how these postcodes compare to the wider local authorities in which they are located.

Crossrail House Price Growth

The latest look shows that postcodes home to a Crossrail station have seen house prices climb by 79% on average since the project was first announced in July 2008.

The W1 postcode, home to the Tottenham Court Road and Bond Street Crossrail stations, has enjoyed the largest increase. Back in July 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%.

Crossrail Property Price Premiums

Not only have Crossrail 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 Crossrail stations commanding the highest house price premiums versus the wider local area.

Crossrail affordability

There are, however, no less than 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 Crossrail 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 Crossrail affordability when compared to the wider area.

READ MORE: Millions in London are feeling the “Crossrail Effect”

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

“Despite the extensive delays to its actual delivery, Crossrail has been the gift that keeps on giving for homeowners living within arm’s reach of a Crossrail station, with property values climbing considerably since it was first announced back in 2008.

We don’t expect this influence to subside anytime soon and house price growth surrounding these stations is likely to climb further still until the project itself has come to full fruition.

Once it has and homebuyers know completely where they stand with the service available to them, this upward growth may well subside, however, these stations are likely to continue commanding a healthy premium in the same way a good tube link does in today’s market.

The good news is there are still a number of stations where house prices surrounding a Crossrail station remain below that of the wider area and these make an ideal area of investment for savvy buyers with an eye on future house price appreciation.”

Table shows house price growth in postcodes home to a Crossrail station since it was first announced in July 2008
Crossrail Station CR Station Postcode Postcode Average House Price – July 2008 Postcode Average House Price – May 2022 Change (%)
Tottenham Court Road/Bond Street W1 £725,603 £2,285,739 215%
Woolwich SE18 £181,022 £413,360 128%
Goodmayes/Seven Kings IG3 £254,328 £548,526 116%
Romford RM1 £199,635 £423,740 112%
Twyford RG10 £303,248 £636,652 110%
Manor Park E12 £222,916 £452,153 103%
Forest Gate E7 £234,723 £474,217 102%
West Ealing W13 £322,644 £639,641 98%
Abbey Wood SE2 £196,698 £380,233 93%
Chadwell Heath RM6 £219,239 £418,138 91%
Liverpool Street EC2 £618,333 £1,178,447 91%
Stratford/Maryland E15 £232,879 £441,602 90%
Harold Wood RM3 £212,717 £397,406 87%
Hanwell W7 £296,267 £542,013 83%
Heathrow T2,3,4 & 5 TW6 £220,088 £397,443 81%
Langley SL3 £250,372 £448,586 79%
Gidea Park RM2 £290,884 £517,473 78%
Acton Main Line W3 £313,803 £555,008 77%
Hayes and Harlington UB3 £218,713 £384,550 76%
West Drayton UB7 £215,631 £375,434 74%
Whitechapel E1 £346,101 £601,966 74%
Shenfield CM15 £335,106 £575,491 72%
Farringdon EC1 £486,120 £826,947 70%
Southall UB2 £230,662 £389,013 69%
Custom House E16 £279,065 £451,439 62%
Ilford IG1 £265,739 £416,277 57%
Slough/Burnham SL1 £219,835 £336,562 53%
Brentwood CM14 £273,827 £403,988 48%
Canary Wharf E14 £382,767 £550,333 44%
Ealing Broadway W5 £446,643 £642,021 44%
Taplow/Maidenhead SL6 £375,349 £508,877 36%
Iver SL0 £434,500 £588,567 35%
Reading RG1 £218,559 £282,915 29%
Paddington W2 £957,350 £1,073,971 12%
Average 79%
Table shows house price growth in postcodes home to a Crossrail station since it was first announced in July 2008
Crossrail Station CR Station Postcode Wider area Postcode Average House Price – May 2022 Average House Price in Wider Area – latest available Feb 2022 Change %
Tottenham Court Road W1 Camden £2,285,739 £870,732 163%
Bond Street W1 City of Westminster £2,285,739 £1,032,369 121%
Liverpool Street EC2 City of London £1,178,447 £839,698 40%
Twyford RG10 Wokingham £636,652 £480,865 32%
Whitechapel E1 Tower Hamlets £601,966 £471,029 28%
Iver SL0 Buckinghamshire £588,567 £467,599 26%
Gidea Park RM2 Havering £517,473 £415,336 25%
Shenfield CM15 Brentwood £575,491 £465,674 24%
Ealing Broadway W5 Ealing £642,021 £531,575 21%
West Ealing W13 Ealing £639,641 £531,575 20%
Farringdon EC1 Islington £826,947 £697,031 19%
Canary Wharf E14 Tower Hamlets £550,333 £471,029 17%
Forest Gate E7 Newham £474,217 £409,526 16%
Goodmayes/Seven Kings IG3 Redbridge £548,526 £477,872 15%
Slough/Burnham SL1 Slough £336,562 £295,768 14%
Manor Park E12 Newham £452,153 £409,526 10%
Custom House E16 Newham £451,439 £409,526 10%
Taplow SL6 Buckinghamshire £508,877 £467,599 9%
Stratford/Maryland E15 Newham £441,602 £409,526 8%
Acton Main Line W3 Ealing £555,008 £531,575 4%
Paddington W2 City of Westminster £1,073,971 £1,032,369 4%
Romford RM1 Havering £423,740 £415,336 2%
Hanwell W7 Ealing £542,013 £531,575 2%
Abbey Wood SE2 Bexley £380,233 £390,502 -3%
Woolwich SE18 Greenwich £413,360 £426,088 -3%
Langley SL3 Buckinghamshire £448,586 £467,599 -4%
Harold Wood RM3 Havering £397,406 £415,336 -4%
Maidenhead SL6 Windsor and Maidenhead £508,877 £537,778 -5%
Reading RG1 Reading £282,915 £306,724 -8%
Heathrow T2,3,4 & 5 TW6 Hillingdon £397,443 £450,825 -12%
Chadwell Heath RM6 Redbridge £418,138 £477,872 -12%
Ilford IG1 Redbridge £416,277 £477,872 -13%
Brentwood CM14 Brentwood £403,988 £465,674 -13%
Hayes and Harlington UB3 Hillingdon £384,550 £450,825 -15%
West Drayton UB7 Hillingdon £375,434 £450,825 -17%
Southall UB2 Ealing £389,013 £531,575 -27%
Average 14%

Crossrail postcode house prices sourced from PropertyData
Property values for wider areas sourced from Gov.uk – UK House Price Index

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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 8 international offices.

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