Since the Crossrail project was announced in 2007, 24 areas close to stations on the new Elizabeth Line have seen price growth rise by double the national average, and this includes areas around Tottenham Court Road and Bond Street.
Property prices in areas close to the Elizabeth Line, which is due to begin operating next year, are likely to continue to rise even after the line is in operation.
The central London areas near Tottenham Court Road and Bond Street have seen the sharpest rises in average property value, with increases of almost 66%.
The current average value of property around Tottenham Court Road is £1,705,486, while average property values 10 years ago were £1,027,463. This is a 65.99% rise. Likewise, property values around Bond Street have risen by 65.72% over the last 10 years.
The ‘Crossrail effect’ will likely be tempered, however, by the general uncertainty caused by Brexit. Prices are expected to continue rising this year, albeit at a slower pace.
It’s common for improved transport connections to be linked with a rise in property values, and Crossrail is no different. The infrastructure project, currently the most ambitious in Europe, will make it easier and quicker for commuters to get from parts of the south-east into Central London.
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