As London’s newest transport link steams into action the true winners — and losers — of Project Crossrail can finally be unveiled.A decade after work began on the Elizabeth Line it is the unassuming south east London suburb of Abbey Wood which has seen the strongest price growth in the capital.Average prices have accelerated 107 per cent in the area, from ?175,550 back in 2012 to ?362,870 today, giving early adopter buyers a paper profit of almost ?190,000.Forest Gate, in east London, has seen prices shoot up by 101 per cent in the same period, to an average ?447,980.In nearby Manor Park prices rose 97 per cent to hit an average sale price of ?481,370, according to exclusive research by estate agent Hamptons which analysed price performance across the line.Table: 10-year Crossrail winnersCrossrail stationAverage price10-year growthAbbey Wood?362,870107%Forest Gate ?447,980 101%Manor Park?481,37097%”Crossrail has been the missing link in London’s transport network for many, many years,” said Raul Cimesa, head of London new homes at Knight Frank. “It’s opening is going to unlock and finally connect neighbourhoods across London that buyers might have felt were less connected or too difficult to get to. “The commonality of today’s top three locations is relative affordability. Abbey Wood: The Thamesmead housing association Peabody spent more than?1bn to transform it into a vibrant new neighborhood / Daniel LynchA decade ago, they were among the most affordable options. Investors looking for investment opportunities have rushed in to take advantage. Lucian Cook, head for residential research at Savills, said that these are the areas with the most to lose. They were at the lowest price point, and buyers who are more well-off started to gravitate to them due to their new commute options. They were also more accessible to a larger market. “Forest Gate”: Prices have risen by 101 percent in the same time period to an average of?447 980 / Daniel Lynch. The Crossrail locations that have seen the lowest price growth over the past ten years began out as the most expensive. Ealing and Acton, both located in west London, have experienced price growth of 59% and 58%, respectively, since 2012. Canary Wharf saw a 62% price increase in the same time period. Cook explained that these areas were more expensive at the beginning. Crossrail has had an effect in these areas, it brought them to the attention buyers, and they will have been more likely to keep their properties because of the possibility of price growth. “The new Crossrail hotspots” During the pandemic, a new breed has emerged of Crossrail hotspots, led by Southall in deepest west London. Prices have risen by just over 14% in two years, to an average of?425,000. Manor Park continues its winning streak with a 11.4 percent increase in prices over the past two years. READ MOREElizabeth Line Launch: Best-value locations near Elizabeth Line Stations. Hanwell, which is a more affordable but equally leafy option to Ealing or Acton, has seen a 10.3% price increase over the past two years. Average prices are now ?586,463.James Hyman, head of residential at Cluttons estate agents, believes Crossrail has inspired buyers to look at locations in outlying zones – Southall and Hanwell are both in Zone 4, and neither currently have a tube station; Manor Park also lacks a tube and is at the boundary of Zone 3 and Zone 4.Table: two-year Crossrail winnersCrossrail stationAverage priceTwo-year growthSouthall?425,00014%Manor Park?481,37011.4%Hanwell?586,46310.3%”People are selling their boxy one bedroom new build and getting more room and outside space,” he said. Crossrail will make it much easier for them to commute, even though they may be moving further from London. “Ironically, even though they might be moving further out of London, their commuting times with Crossrail will be much faster. Prices have risen 8.8% since the outbreak of the pandemic. However, the eastern section (north) has seen a 5.8% increase and the eastern section (south), a below-inflationary 3.3 percent. Caspar Harvard-Walls is a Black Brick partner and believes there is potential for a price rebound as buyers finally see the state-of the-art line in action. Harvard-Walls stated that the delay had caused people to forget what it was. “I think there will be a lot of demand when people see these modern, air-conditioned trains with their fast journey times and can actually see them. Cimesa believes that the impact will extend beyond the main Crossrail line. He explained that the super-charged connectivity would have a huge domino effect on the entire capital, particularly in areas that are only a few stops from the new line by tube or bus. “This is where we can see the greatest benefits. Key areas like Canary Wharf and the West End, as well as the City, will suddenly become much more accessible. Most people’s changeover stations are going to be rethought, and this will have an impact.
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