House prices along the Crossrail route are significantly outperforming their wider local markets, according to the latest research by Knight Frank .
The estate agency analysed house prices within a 10-minute walk of Elizabeth line stations in central London and within a 15-minute walk of stations in the eastern and western sections of the route.
It found that since 2008, when royal assent was granted for the project, prices along the line had grown to be an average of 7% higher than those in the surrounding areas.
This was particularly true of properties in central London which were found to have risen in price by 6% between the third quarter of 2014 and the end of 2016, in comparison to Knight Frank’s central London index, which dipped by 5.7%.
The estate agency also highlighted the significant potential for development along the route, particularly in the eastern areas.
According to its research, a total of 9,518 private units were under construction within a 15-minute walk of eastern stations, with an additional 21,086 units with planning permission.
Over 10,000 private properties are due to be built between Paddington and Canary Wharf, with Canary Wharf itself accounting for 6,500 of these homes.
The report says: “With Crossrail now less than two years from being fully operational, property along the line is likely to see increased demand from buyers and renters once trains are running.
“This could be particularly true for stations on the eastern and western sections of the line where values are below the London average, and journey times are to see the most noticeable reduction.”
The line will run from Shenfield to Stratford in the north-east and from Abbey Wood to Canary Wharf in the south-east, before continuing to Whitechapel and across the capital, reaching as far west as Reading.
Keep up to date with all our articles on Facebook