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Crossrail Postcode Property Outperforms Wider London Markets

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    Property by Crossrail Stations See Average Growth of 3.3% since Launch

    Research from London lettings and estate agents Bentham and Reeves has evidenced that Crossrail’s opening boosted property markets near stations along the route.

    By analysing property price growth in postcodes along the rail line, they discovered that while the London property market as a whole has been challenging over the past two years, affecting buy-to-let property investment, locations with a Crossrail station have primarily been shielded from the decline in property prices.

    They found that postcodes home to Crossrail stations along the entire route had exhibited an average growth of 3.3% since May 2022, when the line opened. This is significantly higher than the -2.5% negative growth observed in the wider local authorities where the stations are located.

    In order to source this data, Benham and Reeves looked at price growth in the postcodes of each of the 41 Crossrail stations and then compared the figures to the wider London property market and the local authorities where the stations are situated.

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      Crossrail a ‘Silver Bullet’ Against London Price Dips

      Looking specifically at the London leg of the Crossrail line, postcodes with a Crossrail station have recorded an average price growth of 2.5% since May 2022. In contrast, the average London house price has fallen by -2.4%, and this dip has been more pronounced across the wider boroughs that are home to a Crossrail station at -3.7%.

      Outside of the M25, Crossrail postcodes have displayed promising growth of 5.7% since the launch of the route, while the wider local authorities these stations are found in saw a slight decline of -0.2%.

      Overall, 33 of the 41 stations displayed positive house price growth, while 26 exhibited house price performance that outstripped the broader local authority, meaning Crossrail’s launch had a significant impact on property investment in London.

      The highest rate of growth observed since Crossrail’s opening was found in the W1 postcode, home to the Tottenham Court Road and Bond Street stations, where house prices have climbed by 17.2%. Conversely, Camden (-15.6%) and Westminster (-12.7%), also covered by the W1 postcode, have both seen significant declines in house prices since 2022.

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      This data further compounds previous findings suggesting that enhancing travel links and transport-based regeneration can have a positive impact on the local property market. Not only can this affect property prices, but it can also encourage tenant demand and lead to higher rental prices.

      Director of Benham and Reeves, Marc von Grundherr, commented: “Ever since it was first announced there was a buzz about Crossrail and areas due to benefit from the scheme started to see an almost immediate uplift in property market activity. While there’s been a few bumps in the road, or line as it were, it remains a fantastic draw for potential buyers who value the ability to traverse the capital and beyond with greater ease.

      Of course, when it was first announced, no one could have predicted that higher mortgage rates and wider economic angst would result in the lethargic rate of house price growth seen across the London market over the last few years.

      However, in this respect, Crossrail has certainly been a silver bullet, with postcodes home to a station largely outperforming the local authorities in which they are located and many posting positive house price growth versus the declines seen across the wider area.”

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      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.