Crossrail’s 2017 Eastern section launch: How will it affect property prices?
The Crossrail project (also known as the Elizabeth line) has been a hot topic on London commuters’ mind since its plans were first announced in 2009. It sets out to shave journey times by as much as half in Zones 2-3 and opening up new suburbs to the London commuter belt. While completion is not expected till December 2019, part of the line is expected to start running in May stretching from Shenfield to London Liverpool Street.
Stations included in the running of this service are
Liverpool Street
Stratford
Maryland
Forest Gate
Manor Park
Ilford
Seven King
s Goodmayes
Chadwell Heath
Romford
Gidea Park
Harold Wood
Brentwood
Shenfield
Below we’ve collated some opinions and research on how house prices have been or will be affected by the new train service. It is of no surprise that we are looking at an uphill trend in property prices.
Nationwide Housing Market Research - What impact is Crossrail having on house prices?
This may help to explain why the positive Crossrail effect apparent in the west is slightly more muted in the eastern section. House prices in the borough of Brentwood (which also includes Shenfield) have increased by 43% since the May 2010 government pledge of completion, compared with a regional average (in the East of England) of 36%. Over the last two years Brentwood house prices have risen broadly in line with the regional average (24% versus 23%). The lower rate of price growth, compared with western areas, may be due to the area already having good transport links to both The City and the Docklands (via Stratford) through Greater Anglia services and also the Shenfield “metro” now operated by TfL Rail.
Countrywide Linking housing markets: The effect of Crossrail on housing markets in London
A Crossrail effect on housing markets is apparent across the line, although in many areas it accelerated over 2013. Transactions within a mile of Crossrail stations grew by 21 per cent in 2013, well above the London average of 13 per cent. Sales within 500 metres (0.3 miles) grew a little faster at 23 per cent. One in ten home sales in London in 2013 were within a mile of a Crossrail station
CRBE - The impact of Crossrail on property: an update
Crossrail is currently Europe’s largest infrastructure project and its impact on London will be far reaching. It will cut journey times into Central London by 15 minutes on average and up to 40 minutes and will open up new parts of London. Along the eastern stretch, the travel time saving is less pronounced being just seven minutes on average. As a result, we anticipate an average uplift of 2.1% per annum.
