Elizabeth Line boosts property prices

New train line has seen prices soar for those living nearby. Is it too late to buy?

BRITAIN-ROYAL-CROSSRAIL

Houses along the new Elizabeth Line (formerly Cross Rail) have seen property prices shoot up since construction started in 2009. In fact, they have risen an impressive 52% since then - compared to the English average of 30%. Those who live along the line are in the money - despite the fact that it'll be another two years before it actually opens for business.

A study by Zoopla has found that properties along the Elizabeth line are now worth 54% more than the average property in England - £522,292 compared to £298,863.

Highest rises

Unsurprisingly, the biggest price rises have been central London hotspots - which have also benefited from the crazy price rises across central London. The areas around Tottenham Court Road and Bond Street take the top two spots - with price rises of 66%. Similarly the areas around Paddington and Liverpool Street came in 8th and 9th, and it's hard to argue that these areas were struggling for transport options in the past.

However, there were also some big price hikes further out along the Elizabeth Line - as these are the areas that will benefit most from the new transport option. Zone three station Forest Gate was in third place, with a 65% property price rise. This was followed by West Ealing in zone three, Hanwell in zone four, Acton in zone 3, and Ealing Broadway in zone three. All of these areas have seen price rises of at least 60%.

Can you buy?

Lawrence Hall of Zoopla commented: "With just under two years to go until the line is fully operational the impact on property values close to the 40 stops is becoming clear. Proximity to transport is one of the key requirements when Londoners and commuters look to buy property. Whilst these rises will be welcomed by current owners up and down the line, it's a reminder of just how hard it is to get onto the London property ladder."

For those who have seen prices rise beyond their pocket, the list also reveals some of those areas that have risen far less - despite benefiting from the new train line. These include Twyford, Brentwood, Reading, Sheffield, Romford and Slough. In some cases, houses remain comparatively affordable. The most notable example is Reading, where the average house price is £293,555.

The only other stations where prices remain below an average of £300,000 are Harold Wood at £284,117 and Abbey Wood at £274,952.

However, as Hall points out: "It's likely the property markets at the outer ends of the line will become very competitive as we get closer to the opening of the line." So if you were planning a move to take advantage of the line, it might be worth buying sooner rather than later.

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