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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

Liverpool Street Station

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.

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 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.

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