London can often feel like a high-interest bank account for anyone who owns property in the city.
But home-owners lucky enough to live near stations on the Elizabeth Line – the new name for the Crossrail project which will open in 2018 – have seen the value of their properties soar even more than most.
Convenient transport links have always been a key factor in an area’s house prices, but homes near Elizabeth Line stations have been given a particularly big bump. Homes near the line are up an average of £187,727 since work began on Crossrail in 2009, according to a report from property website Zoopla.
There will be 36 stations on the new line, so here are the top 17 locations which have seen property values increase the most in the last seven year, according to Zoopla’s research.
17. Hayes and Harlington — Starting way out west, this quiet suburb is home to the London Motor Museum. But residents may prefer trains when they find out the Elizabeth Line has increased property value 51.3%, with the average home priced at £327,965.
16. Abbey Wood — This South East London area is just down the road from the magnificent Greenwich Park. But even more magnificent is the increase in property prices created by Crossrail: 54.86% for an average price of £274,952.
15. Farringdon — This arty, media-friendly part of London has seen a 54.87% rise in property values since May 2009. The average is price of a property is now £788,887.
14. Stratford — The home of the London Olympics will have more than just a stadium and a velodrome to raise property prices once Crossrail arrives. Average prices are up 55.39% since 2009 to £367,138.
13. Canary Wharf — The home of some of London’s tallest offices has a lot of apartments too. They’ve seen their average price rise by 55.46% since 2009 to £515,704.
12. Manor Park — Stratford’s next door neighbour is enjoying an even greater property value surge in the last six years: 57.84% to be exact, taking the average property price to £341,253.
11. Woolwich — This area of South East London is not only a maritime hotspot, but will also see a huge boost of 58.53% in property value from the Elizabeth Line, taking average prices to £322,290.
10. Custom House for ExCel — Properties near this Dockland Light Railway (DLR) station have enjoyed a 59.29% surge in value since 2009, taking the average to £373,601.
9. Whitechapel — The home of the Whitechapel Gallery can expect a few more visitors once the Elizabeth Line opens, as well as a property value increase of 59.99% to take the average to £565,998.
8. Liverpool Street — As if this central London location wasn’t pricey enough, property value has gone up 60.4% in the last six years. The average property now costs £880,776.
7. Paddington — This area has always been a transport hub, but soon it’ll be even more connected… and expensive. Property value rose 60.84% since 2009, with average prices at £1,213,572.
6. Ealing Broadway — This area of West London was already doing fine in the property value stakes, but since ground was broken on the Elizabeth Line they’ve increased 61.4% to an average of £792,896.
5. Acton — Fittingly for home of the London Transport Museum Depot, the Elizabeth Line has made a big impact on property prices. They’ve risen 63.16% to an average of £623,673.
4. Hanwell — This rural suburb lies a couple of miles west of Ealing Broadway. Home owners will appreciate the Elizabeth Line for more than just transport into central London once it opens. Property values have risen 63.83% to an average of £523,525 since 2009.
3. West Ealing — Just down the road from the Ealing Cricket Club, fans will enjoy the more convenient Elizabeth Line transport links while residents will enjoy the 65.27% rise in property values. The average price in the area is now £710,114.
2. Forest Gate — Home to the beautiful Wanstead Flats, Forest Gate residents will have the second highest jumps in property values since work on the Elizabeth Line began — 65.49% to an average of £389,543.
1. Bond Street/Tottenham Court Road — This prime area of commercial real estate has become even more prime thanks to the Elizabeth Line, and, in terms of property prices, is the biggest benefactor of its construction. Property values have jumped 66.33% since 2009, taking the average price to a whopping £1,853,541.
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