The latest data from property consultancy Benham and Reeves offers a comprehensive look at how Crossrail has influenced property values. Surprisingly, while the broader London market faces a downturn, properties around Crossrail stations are experiencing growth.

The report reveals some striking trends in the housing market near the 41 Crossrail stations. Here’s a breakdown of the major insights:

Resilience Amidst the Market Dip

• Overall Performance: Since the opening of Crossrail, house prices in postcodes with a station have risen by an average of 3.3%.
• Comparison with Wider Market: The broader local authorities that host these stations have not fared as well, showing an average decline of 3.5% in property values since May 2022. This starkly contrasts with the performance of the Crossrail postcodes, which are outperforming their wider local authorities by an average of 6.8 percentage points.

London vs. Outskirts – A Tale of Two Markets

• Inside London: While the entire city of London saw an average price drop of 3.5%, and an even steeper 5.4% drop in boroughs with a Crossrail station, the specific postcodes that boast a station experienced a 2.5% increase. This results in a significant performance gap of 7.9% compared to the wider boroughs.
• Beyond the M25: The advantage extends outside the capital as well. Crossrail postcodes outside of London have enjoyed a 5.7% increase in property prices since the line’s inception, compared to a marginal 0.3% increase in the wider local authorities, marking a difference of 5.4%.

Spotlight on Specific Areas

• Central London Surge: The W1 postcode, which houses the Tottenham Court Road and Bond Street Crossrail stations, tops the growth chart with an impressive 17.2% increase in house prices since May 2022.
• Contrasting Fortunes: Despite this, the wider boroughs of Camden and Westminster, part of the W1 area, have seen dramatic declines in average house prices—19.7% and 14.3% respectively.
• Beyond Central London: The E14 postcode in Canary Wharf contrasts starkly with its broader borough of Tower Hamlets, boasting an 11.8% increase versus a 9.1% decline. Similarly, the RG10 postcode in Twyford shows a robust growth of 10.5%, almost double that of its wider area of Wokingham.

General Trends Across the Network

Across the board, 34 of the 41 Crossrail stations’ postcodes have seen positive growth since the project’s launch, indicating that proximity to Crossrail stations is a strong influencer on property values.