The Crossrail is one of Europe's largest construction project with 41 stations over 21 London Boroughs. The Elizabeth Line has been the capital's most highly anticipated infastructure scheme to date having effects on jobs, the economy and property price performance.
To date the East Side of the the line has been the most resilient, with residential areas such as Harold Wood, Seven Sisters & Brentwood are all displaying some of the highest house prices. On the West side the central area of Bond street has seen a growth of 116% in house prices, to an average of £3.1 million.
A recent figure report has shown that the average house price surrounding the 41 crossrail stations have jumped 84% to £655,103 over the course of ten years.
Now side tracked by multiple delays, experts are advising that the growth is unsustainable, predicting a decline in prices - the average vaule of sales within 500 meters of a cross rail station is said to have dropped over the past year.
Investors should not be detered by the drop, as this could potentially be the optimum time for buyers to negotiate a good deal and invest in a buy-to-let property for long-term returns, such as improved rental yield over the next four to five years.
The Elizabeth Line has slashed the time it takes for communters to get from East or West London into the City Centre.
For example, In Romford house prices have gone up by around 14% within walking distance of the station, on the other hand properties prices in Canary Wharf have declined in value by 17%. It is fair to say that since launch the novelty has perhaps worn off across many pockets of the network now, as many Londoners realise that their existing transport routes remain the most convenient way to travel.
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 other side to this house price decline is that it presents buyers and investors with a great opportunity to purchase.