18th March 2015
Property prices within a 10-minute walk of Bond Street station have risen by 82%, the largest increase along the Crossrail route between the project receiving Royal Assent in July 2008 and the start of Q4 2014.
The analysis by Knight Frank revealed that the increase compared to a rise of just 43% in the wider area beyond the 10-minute radius around Bond Street.
Knight Frank’s latest report shows average property prices around many Crossrail stations have grown more strongly than in the surrounding local authority areas over that period. On average, the outperformance is 5%.
Acton has seen the largest average increase amongst the stations outside of central London (77%) over the last six years, outperforming its surrounding local area by 33% over that time.
Although residential property prices within a 10-minute walk of the central stations have seen the highest average rise (57%), Knight Frank’s newly-extended Crossrail Index shows how this increase has also helped underpin price growth around many stations between Shenfield and Reading.
Average property prices within a 15-minute walk of the western Crossrail stations have risen by 28% since 2008, outperforming local markets by 6% over that time. Property prices within the same distance of eastern Crossrail stations saw growth of 21% over that period, outperforming local markets by a more modest 3%.
Maryland saw the highest price rise in the East at 37% – 21% higher than price growth in Newham over the same time.
Knight Frank forecasts price growth of 15.2% in prime central London between now and the end of 2018, with growth of around 18% across London as a whole. It expects residential prices in and around most Crossrail stations to outperform local markets between now and 2018
Gráinne Gilmore, head of Knight Frank UK residential research, said:“Our research shows overall price performance continues to be stronger in the central London sections of the Crossrail route.
“However, over the last 12 months, the price ‘ripple’ effect in London has really started to take effect, with stronger price growth in areas surrounding central London. This could help feed into stronger price growth around stations towards the East and West, especially those which have underperformed to date, and where housing supply is set to be delivered in the coming years.”
Gilmore added: “The planned levels of development along the outer sections of the route should provide scope for price uplifts as the public realm is improved, amenities receive a boost and buyers have new reasons to visit the area.
“The relative ‘discount’ in terms of price per square foot in these areas compared to more central locations is also likely to work in their favour. We expect that as the opening of Crossrail approaches, the increased connectivity combined with new development will result in price outperformance in these areas.”