House prices around Crossrail stations outperform wider market

Michael Lloyd

November 27, 2019

Despite delays to Crossrail, house prices surrounding many of these stations have continued to outperform the wider market according to London lettings and sales agent Benham and Reeves.

Crossrail is not set to be completed until 2021 with the project being hit by delays since it was first announced in September 2018.

Despite this, prices near the stations have increased by an average of 2.1% over the last year.

Marc von Grundherr, director of Benham and Reeves, said: “It’s clear that despite the ongoing delays to its launch, the future benefits of Crossrail continue to stimulate price growth at a top level in areas surrounding a station, although there are a handful of areas where Crossrail house price growth has lagged behind the wider area over the last decade.

“This is of course, due to the fact that while price growth has accelerated since 2008, some areas have now come off the boil due to their ever increasing price tag and more recently due to wider Brexit uncertainty and a consistent string of delays to the project.

“That said, the top line figures suggest that despite these delays, house prices surrounding the majority of Crossrail stations continue to outperform the wider London market and while not every station has been a silver bullet against poor house price growth, Crossrail remains very sought after amongst buyers with one eye on a future price increase.”

The average price of houses surrounding Crossrail stations has jumped by 83.9% from £330,770 when the stations were approved over a decade ago to an average of £655,103 today.

This is compared to an increase of just 56.7% across the wider areas these stations are located in.

Benham and Reeves forecast that house prices surrounding each of these stations could increase by a further 4.7% by the time the project is set to be delivered in 2021.

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