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.
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 11 international offices.