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 ÂŁ725,603, but this has since climbed by 215% to just shy of ÂŁ2.3m 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.
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
ÂŁ725,603
ÂŁ2,285,739
215%
Woolwich
SE18
ÂŁ181,022
ÂŁ413,360
128%
Goodmayes/Seven Kings
IG3
ÂŁ254,328
ÂŁ548,526
116%
Romford
RM1
ÂŁ199,635
ÂŁ423,740
112%
Twyford
RG10
ÂŁ303,248
ÂŁ636,652
110%
Manor Park
E12
ÂŁ222,916
ÂŁ452,153
103%
Forest Gate
E7
ÂŁ234,723
ÂŁ474,217
102%
West Ealing
W13
ÂŁ322,644
ÂŁ639,641
98%
Abbey Wood
SE2
ÂŁ196,698
ÂŁ380,233
93%
Chadwell Heath
RM6
ÂŁ219,239
ÂŁ418,138
91%
Liverpool Street
EC2
ÂŁ618,333
ÂŁ1,178,447
91%
Stratford/Maryland
E15
ÂŁ232,879
ÂŁ441,602
90%
Harold Wood
RM3
ÂŁ212,717
ÂŁ397,406
87%
Hanwell
W7
ÂŁ296,267
ÂŁ542,013
83%
Heathrow T2,3,4 & 5
TW6
ÂŁ220,088
ÂŁ397,443
81%
Langley
SL3
ÂŁ250,372
ÂŁ448,586
79%
Gidea Park
RM2
ÂŁ290,884
ÂŁ517,473
78%
Acton Main Line
W3
ÂŁ313,803
ÂŁ555,008
77%
Hayes and Harlington
UB3
ÂŁ218,713
ÂŁ384,550
76%
West Drayton
UB7
ÂŁ215,631
ÂŁ375,434
74%
Whitechapel
E1
ÂŁ346,101
ÂŁ601,966
74%
Shenfield
CM15
ÂŁ335,106
ÂŁ575,491
72%
Farringdon
EC1
ÂŁ486,120
ÂŁ826,947
70%
Southall
UB2
ÂŁ230,662
ÂŁ389,013
69%
Custom House
E16
ÂŁ279,065
ÂŁ451,439
62%
Ilford
IG1
ÂŁ265,739
ÂŁ416,277
57%
Slough/Burnham
SL1
ÂŁ219,835
ÂŁ336,562
53%
Brentwood
CM14
ÂŁ273,827
ÂŁ403,988
48%
Canary Wharf
E14
ÂŁ382,767
ÂŁ550,333
44%
Ealing Broadway
W5
ÂŁ446,643
ÂŁ642,021
44%
Taplow/Maidenhead
SL6
ÂŁ375,349
ÂŁ508,877
36%
Iver
SL0
ÂŁ434,500
ÂŁ588,567
35%
Reading
RG1
ÂŁ218,559
ÂŁ282,915
29%
Paddington
W2
ÂŁ957,350
ÂŁ1,073,971
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
ÂŁ2,285,739
ÂŁ870,732
163%
Bond Street
W1
City of Westminster
ÂŁ2,285,739
ÂŁ1,032,369
121%
Liverpool Street
EC2
City of London
ÂŁ1,178,447
ÂŁ839,698
40%
Twyford
RG10
Wokingham
ÂŁ636,652
ÂŁ480,865
32%
Whitechapel
E1
Tower Hamlets
ÂŁ601,966
ÂŁ471,029
28%
Iver
SL0
Buckinghamshire
ÂŁ588,567
ÂŁ467,599
26%
Gidea Park
RM2
Havering
ÂŁ517,473
ÂŁ415,336
25%
Shenfield
CM15
Brentwood
ÂŁ575,491
ÂŁ465,674
24%
Ealing Broadway
W5
Ealing
ÂŁ642,021
ÂŁ531,575
21%
West Ealing
W13
Ealing
ÂŁ639,641
ÂŁ531,575
20%
Farringdon
EC1
Islington
ÂŁ826,947
ÂŁ697,031
19%
Canary Wharf
E14
Tower Hamlets
ÂŁ550,333
ÂŁ471,029
17%
Forest Gate
E7
Newham
ÂŁ474,217
ÂŁ409,526
16%
Goodmayes/Seven Kings
IG3
Redbridge
ÂŁ548,526
ÂŁ477,872
15%
Slough/Burnham
SL1
Slough
ÂŁ336,562
ÂŁ295,768
14%
Manor Park
E12
Newham
ÂŁ452,153
ÂŁ409,526
10%
Custom House
E16
Newham
ÂŁ451,439
ÂŁ409,526
10%
Taplow
SL6
Buckinghamshire
ÂŁ508,877
ÂŁ467,599
9%
Stratford/Maryland
E15
Newham
ÂŁ441,602
ÂŁ409,526
8%
Acton Main Line
W3
Ealing
ÂŁ555,008
ÂŁ531,575
4%
Paddington
W2
City of Westminster
ÂŁ1,073,971
ÂŁ1,032,369
4%
Romford
RM1
Havering
ÂŁ423,740
ÂŁ415,336
2%
Hanwell
W7
Ealing
ÂŁ542,013
ÂŁ531,575
2%
Abbey Wood
SE2
Bexley
ÂŁ380,233
ÂŁ390,502
-3%
Woolwich
SE18
Greenwich
ÂŁ413,360
ÂŁ426,088
-3%
Langley
SL3
Buckinghamshire
ÂŁ448,586
ÂŁ467,599
-4%
Harold Wood
RM3
Havering
ÂŁ397,406
ÂŁ415,336
-4%
Maidenhead
SL6
Windsor and Maidenhead
ÂŁ508,877
ÂŁ537,778
-5%
Reading
RG1
Reading
ÂŁ282,915
ÂŁ306,724
-8%
Heathrow T2,3,4 & 5
TW6
Hillingdon
ÂŁ397,443
ÂŁ450,825
-12%
Chadwell Heath
RM6
Redbridge
ÂŁ418,138
ÂŁ477,872
-12%
Ilford
IG1
Redbridge
ÂŁ416,277
ÂŁ477,872
-13%
Brentwood
CM14
Brentwood
ÂŁ403,988
ÂŁ465,674
-13%
Hayes and Harlington
UB3
Hillingdon
ÂŁ384,550
ÂŁ450,825
-15%
West Drayton
UB7
Hillingdon
ÂŁ375,434
ÂŁ450,825
-17%
Southall
UB2
Ealing
ÂŁ389,013
ÂŁ531,575
-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 21 prominently located branches and 14 international offices.