Homeowners living in top five performing areas since 2013 set to pocket more than £100,000 on the value of their property
The Crossrail project continues to boost local house prices, with the value of properties in walking distance* of new stations growing by as much as 73% since 2013, new Groundsure research released today reveals. The rate of house price growth in these areas has outstripped the London average by more than 56%.
The top five areas that have seen the biggest growth since 2013 are Taplow (73%), Gidea Park (49%), Custom House (46%), Hayes & Harlington (46%) and Southall (45%). Based on increases in these areas along the route, homeowners who purchased in 2013 are set to pocket on average an additional £117,000**.
The Groundsure research also investigated areas along the route that are yet to see the benefits of the ‘Crossrail effect’. House prices in Harold Wood have only risen by 1%, compared to the London growth average of 17% since 2013. Bond Street and Chadwell Heath saw rises of 6%, Ilford 7% and Tottenham Court Road only 9%.
Dan Montagnani, Managing Director at Groundsure said: “The Crossrail effect has been widely debated in the press of late, but the general consensus has been that it will have a profoundly positive effect on property prices across the capital. This data goes to show that the experience for homeowners isn’t consistent across the city, as proven in the difference between prices in areas like Taplow and Harold Wood.”
Montagnani added: “There is no doubt, however, that the new route is essential to supporting growth in London which will, in turn, boost the rest of the economy. With the recent announcement of the proposed route of Crossrail 2, a North to South cross-London version of the Crossrail project, homeowners in areas close by may well have reason for excitement.”
Groundsure created this report using Land Registry Price Paid data, which includes all residential property transactions registered with the Land Registry between 1st January 2013 and 31st March 2015.
Groundsure produces a range of reports that detail proximity of any site to the new rail network, which is set to become fully operational in 2018. They also provide a range of environmental data reports for solicitors, homebuyers, businesses, consultants, surveyors and lenders to make informed property-transaction decisions. For more information visit www.groundsure.com
* Based on ten minute walk (800m)
** Based on average house price of £225,100 (2013) and £342,200 (2015) in top 5 performing areas along the Cross route
