The Elizabeth Line has celebrated its first anniversary, more than a century after an East-West link across the city was first mooted. It now provides quick access from Shenfield in Essex to Reading in Berkshire.
It was predicted that along the 73-mile route, originally dubbed Crossrail, property prices would soar once the route was complete.
In the property business, there have been winners and losers along the 73-mile route, with some areas seeing 14 per cent increase in house prices, while others dropping by 17 per cent.
According to new figures collated by Benham and Reeves, it is still possible to get on the property ladder within walking distance of a station for less than £300,000.
However, those who invested in Canary Wharf have seen the values of their properties drop by around £100,000 over the past 12 months which is alarming for those facing the prospect of negative equity amid rapidly rising interest rates.
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Traditional thinking suggested that homes within 500 metres of a tube line attracted a premium
According to the researchers at Benham and Reeves, almost half of the stations along the marathon route have seen lower house price rises than the wider local authority area.
Traditional thinking suggested that homes within 500 metres of a tube line attracted a premium.
The researchers looked at the postcode of each station and analysed the sale price of neighbouring houses as well as the year-on-year change. They then compared this with the wider local authority area to determine whether those living closer to the rail link.
The biggest winners of the £18.8bn project are those living around Romford station, who are now able to reach Liverpool Street Station in less than 30 minutes.
This has seen the price of homes in the RM1 postcode – surrounding the station – surge by 14 per cent year-on-year. The average price achieved over the past year in Romford was £371,000 – which is still cheaper than the wider Havering local authority area where homes cost £432,000. While houses in Romford increased by 14 per cent, the Havering area saw slower growth of 4 per cent.
Across the city, in Liverpool Street, house prices have been surging in value by 12 per cent, outperforming the rest of the City of London, who have witnessed growth of 2.9 per cent.
The Elizabeth Line has slashed the time it takes for commuters to get from east or west London into the city centre
In Romford, house prices have gone up by around 14 per cent within walking distance of the station. This development currently has a two-bed flat for sale for £350,000 – which is almost the same as the average price of properties near the station
In Canary Wharf, a one bedroom flat in this complex is currently on sale for £581,000. According to its listing on RightMove, the vendor was reduced the price. Over the past 12 months, properties in the area have declined in value by 17 per cent according to research by Benham and Reeves
In the London Borough of Newham, property prices have slipped slightly by -0.1 per cent over the last 12 months. However, Forest Gate station has boosted nearby homes by 9.1 per cent.
Residents near Farringdon have seen houses increase by 6 per cent, while those in the wider Islington area have saw prices decline by an average of -2.6 per cent.
Marc von Grundherr, director of Benham and Reeves said: ‘Crossrail was so hotly anticipated for such a prolonged period of time that house prices rocketed across the line as homebuyers looked to secure a property within close proximity to the game changing transport link.
‘However, it’s fair to say that since launch the shine has perhaps faded across many pockets of the network now, as many Londoners realise that their existing transport routes remain the most convenient way to traverse the capital.
‘So although Crossrail property values as a whole are still standing fairly strong, there are as many as 20 stations where property values have trailed the wider area over the last year.
‘Canary Wharf has been the worst hit in this respect and with HSBC making the decision to relocate to the city, we expect demand from working professionals to fall further.
‘Of course, the flipside to this house price decline is that it presents buyers and investors with a great opportunity to purchase. As the saying goes, be fearful when others are greedy and greedy when others are fearful.’