The appeal of Crossrail amongst homebuyers could be diminishing. This is according to the latest research by London lettings and estate agent, Benham and Reeves.
The survey reveals that no less than 20 Crossrail stations have seen the annual rate of house price growth within their respective postcodes trail that of the wider local authorities they are located within.
House prices within the E14 postcode, home to the Canary Wharf Crossrail station, have fallen by 17% in the last year, while Whitechapel’s E1 postcode has seen a 1% reduction. As a result, both Crossrail stations trail the wider borough of Tower Hamlets where the average house price has increased by 10% annually.
Property values surrounding no less than 18 other Crossrail stations have also underperformed when compared to their wider local authorities – Gidea Park, Acton Main Line, Southall, Woolwich, Custom House, Twyford, Reading, Tottenham Court Road, Stratford, Maryland, Langley, Abbey Wood, Slough, Burnham, Goodmayes, Seven Kings, Manor Park and Harold Wood.
The best performing Crossrail station over the last year has been Romford. Not only have house prices within the RM1 postcode increased by 14% year on year – the highest rate of growth of all stations – the postcode has also outperformed the wider borough of Havering by 9.6%.
Liverpool Street station has seen the second largest outright annual rate of house price growth at 12%, outperforming the wider City of London by 2.9%.
House prices surrounding the Forest Gate Crossrail station are up 9% year on year, the third highest annual rate of growth. At the same time, property values across the wider borough of Newham have cooled by 0.1%, meaning Forest Gate house prices have outperformed the wider borough by 9.1%.
Property values surrounding Farringdon station are up 6% versus a 2.6% drop across the borough of Islington.
Maidenhead’s SL6 postcode has seen a 5% jump versus a 1.4% decline across Windsor and Maidenhead as a whole; and RM6, home to Chadwell Heath Crossrail station, is up 6% versus a 0.3% decline across the borough of Redbridge.
