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Marc von Grundherr, a director at Benham and Reeves estate agency recalls that there was an awful lot of excitement in certain locations. We saw an influx of buyers ...

City Monitor analysis of property data collated by Benham and Reeves estate agents shows that across the 41 stations, the average house price has increased by 70% since May 2012, ahead of the national average of 65%. When the seven central London station postcodes are removed (from Paddington to Canary Wharf), the average house price has risen by 73%.

Marc von Grundherr, a Director at Benham and Reeves, said: 'The winds of change are certainly starting to blow and and while this building economic headwind is yet to derail the phenomenal rates of house price growth being seen across the UK on an annual basis, it certainly seems as though dark clouds are gathering on the horizon with a reduction in pace already materialising on a monthly basis.'

Since being announced in 2008, London’s Crossrail has increased home prices by 79% in postcodes due to benefit from the new rail line, according to research released Tuesday from London-based lettings and estate agent Benham and Reeves.

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.

“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,” commented the director of Benham and Reeves, Marc von Grundherr.

When it was first announced, investment poured into property along the line. But that didn’t always translate into rising house prices as delay after delay hit, said Marc von Grundherr, of estate agents Benham and Reeves.

Marc von Grundherr, Director of Benham and Reeves, added: “The problem with announcements around planning reform, whilst it is badly needed, is that injecting more democracy on a local level is likely to clog up the system rather than improve it."

The research, by property company Benham and Reeves, shows that Hong Kong buyers currently have the biggest international footprint within the London market, accounting for the highest proportion of homes registered to foreign addresses in a total of 17 boroughs.

Benham and Reeves looked at the average base salary of eight different professions and their property purchasing power based on the average borrowing eligibility of 4.5 times their income.