The Crossrail project continues to boost local house prices, with the value of properties in walking distance* of new stations growing by as much as 73% since 2013, new Groundsure research released today reveals. The rate of house price growth in these areas has outstripped the London average by more than 56%.
The top five areas that have seen the biggest growth since 2013 are Taplow (73%), Gidea Park (49%), Custom House (46%), Hayes & Harlington (46%) and Southall (45%). Based on increases in these areas along the route, homeowners who purchased in 2013 are set to pocket on average an additional £117,000**.
The Groundsure research also investigated areas along the route that are yet to see the benefits of the ‘Crossrail effect’. House prices in Harold Wood have only risen by 1%, compared to the London growth average of 17% since 2013. Bond Street and Chadwell Heath saw rises of 6%, Ilford 7% and Tottenham Court Road only 9%.

 

Table 1: Table showing percentage change (2013-2015) for top 10 highest performing areas within a ten minute walk of stations along the Crossrail route
Station % change
2013-2015		 Average house price
2013		 Average house price
2015		 Compared to London average
Taplow 73% £232,900 £402,475 73%
Gidea Park 49% £240,309 £357,860 49%
Custom House 46% £246,022 £360,143 46%
Hayes & Harlington 46% £213,895 £311,231 46%
Southall 45% £192,454 £279,271 45%
Hanwell 37% £376,631 £514,609 37%
Forest Gate 35% £239,142 £323,821 35%
West Drayton 35% £216,434 £291,322 35%
Stratford 34% £239,585 £321,957 34%
Abbey Wood 34% £184,846 £246,818 34%

*Based on ten minute walk (800m)

** Based on average house price of £225,100 (2013) and £342,200 (2015) in top 5 performing areas along the Cross route

 

Information sourced from Groundsure