The highly anticipated Elizabeth Line is now open across London and further afield. Since the announcement back in 2008, there has been a multitude of issues. From financial concerns to logistical concerns, however, almost 14 years later the new train line is finally welcoming passengers.
The Elizabeth Line, or Crossrail spans from Reading City Centre, through the west, central and east London to Shenfield in Essex. The new line significantly cuts commuters' journeys. With the train line covering a great portion of London and its surrounding boroughs, prices have grown significantly.
Since the announcement in 2008, estate agents have eagerly kept an eye on its effect on property prices. Estate agents, Benham and Reeves have been tracking the price increase across the 41 stations since May 2012. They have seen the prices increase by 70% which is 5% ahead of the national average of growth. However, the removal of the seven Central London stations (Paddington to Canary Wharf) shows that growth outside of the city centre is at 73%.
One of the biggest increases is located in the east of London. East London has been growing in popularity for the past few years. Areas such as Stratford and Manor Park have seen exponential growth, especially following the gentrification of Stratford.
Over the last 2-3 years, the property market in London has been relativity unstable. Especially in comparison to the rest of the country. The COVID-19 pandemic saw Londoners flee to the green suburbs in west London (Acton and Hanwell). These areas have seen the most price growth across the capital with the average price rising by 12%.
Those living in areas that share a postcode with an Elizabeth Line station will have seen an increase in development. This is partly due to property developers staying ahead of the curve. Ensuring to have housing complete to coincide with the opening of Crossrail. This is evident in areas such as Goodmayes which sit on the border of London and Essex. Prices in these areas have risen 120% since 2012.
The Elizabeth Line is likely to have an ongoing effect on house prices as Londoners enjoy quicker and easier journeys to and from work. We might begin to see people leaving areas closer to the city centre and trade their high rent prices to a mortgage in a suburb.
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