Despite ongoing delays to its opening date, the number of buyers moving near certain stops on the line has surged over the past 10 years, more than doubling asking prices in the most popular areas.
The biggest increase in buyer competition has been around Abbey Wood, where the number of buyers enquiring about each available property is more than nine times higher than it was a decade ago.
Stiff competition around the final stop on the south-east section of the line has also pushed asking prices in the area up by 103 per cent, to £356,800, according to Rightmove.
Buyer competition has also surged across outer east London, with the Romford suburbs of Gidea Park and Harold Wood seeing the next biggest hikes, up 821 per cent and 744 per cent respectively.
Chadwell Heath (663%), on the boundary of Redbridge and Barking and Dagenham and Goodmayes (660%) in Redbridge complete the top five areas for increased competition.
The number of buyers has increased most at the western end of the line, however, with Twyford seeing a threefold increase in buyers contacting estate agents. It’s a similar story in West Drayton, Reading and Iver, near Slough, where the number of buyers has increased by more than 200 per cent.
Rightmove’s Tim Bannister said: “Areas further out from central London which have lower asking prices or rents, but are now more easily commutable will be attractive to new buyers and tenants in search of somewhere affordable to live near the capital.
“Not only this, but new working from home patterns since the pandemic started two years ago will have many people weighing up whether they are prepared to commute from further away if they need to do so less often.”
What has Crossrail done to house prices?
House prices have more than doubled in 10 years at some stops along the new Elizabeth Line, with the biggest surge seen near the Newham station of Maryland. Asking prices here from £233,500 to £486,200 – an increase of 108 per cent.
Competitive Abbey Wood has seen asking prices jump 103 per cent to £356,800; prices in Olympic hotspot Stratford are up 102 per cent to £480,300; in Manor Park homes are almost twice as expensive as they were in 2012, up 98 per cent to £456,300; while Chadwell Heath completes the top five, with a 94 per cent boost to £385,800.
The research found that areas near stations that were previously less well connected to commuter hubs have seen a particular surge in prices, while more central areas that are already plugged into the transport network have been less affected by the new line.
Renting on Crossrail
Rental demand competition and prices have all increased most along the western section of the line.
Asking rents have increased the most in Slough (up 44 per cent) and Burnham (up 43 per cent), while budget-friendly Southall has seen the biggest increase in demand from tenants, which has more than quadrupled in 10 years.
