House prices in areas surrounding the newly opened Elizabeth line have exploded with some areas doubling in price. The new railway line has cut commuting times into the city by almost half for some areas and hope to inject some life into areas that have otherwise been neglected.
The £18.7 billion project will eventually stretch from Shenfield and Abbey Wood in the east to Heathrow and Reading in the West. With average house prices in London nearing £700,000 people will be looking to move to more affordable areas without having to compromise on transport links.
READ MORE: Commuters baffled at Elizabeth line ‘mistake’ on updated Tube maps
Abbey Wood
(Image: Getty Images)
The furthest stop on the south eastern branch of the Elizabeth line has seen the biggest spike in interest for potential buyers. According to Rightmove properties in Abbey Wood had an overall average price of £366,505 over the last year making it a much cheaper alternative to a more central location and with journey’s only taking 28 minutes to Paddington with the introduction of the Elizabeth line prices are also going to continue rising.
Data from Rightmove shows that asking prices have more than doubled in the last 10 years after the announcement of the Crossrail. Flats sold for an average of £316,939 last year, with semi-detached properties fetching £434,885.
Woolwich
(Image: Kiro Evans)
Slightly more expensive than Abbey Wood, properties in Woolwich had an overall average price of £375,146 over the last year. The majority of sales in Woolwich during the last year were flats, selling for an average price of £336,34.
The area is going through a process of regeneration with Woolwich Arsenal, the historic riverfront military site, being redeveloped into Berkeley Homes’ £1.2 billion Royal Arsenal Riverside development. Journey times into Farringdon are just 14 minutes meaning it’s a quick commute to work, or home after a day in town.
Custom House
The introduction of the Elizabeth line has meant that interest in the area has peaked especially as the area’s transport links are limited to the DLR and a river bus. Properties around Custom House Station had an overall average price of £396,208 over the last year and the majority of these were flats, selling for an average price of £395,409.
At the moment the area is a great location if commuting to Canary Wharf but the Elizabeth line will get you into Paddington in just 24 minutes.
Canary Wharf
(Image: Alastair Lockhart)
Property prices jump quite dramatically in Canary Wharf, unsurprisingly. Properties in Canary Wharf had an overall average price of £608,322 over the last year. The introduction of the Elizabeth line will make commuting into the financial hub more accessible for those in South East London who have mainly had to rely on the DLR.
Whitechapel
(Image: David Nathan)
Whitechapel is already quite well connected so the introduction of the Elizabeth line is unlikely to have a massive effect on property prices. In fact prices in the area have actually dropped 3 per cent since 2020 as home owners move to more suburban areas with more outside space.
Properties in Whitechapel had an overall average price of £572,931 over the last year. The majority of sales in Whitechapel during the last year were flats, selling for an average price of £531,655.
Liverpool Street
(Image: JUSTIN TALLIS/AFP via Getty Images)
Moving into the heart of the city, house prices here are unsurprisingly through the roof with an average price of £653,571 over the last year. Property interest has also dropped drastically with prices down 31 per cent on the previous year and 28 per cent down on the 2013 peak of £905,836, according to data from Rightmove.
Farringdon
Whilst it might not be realistic to live in the heart of London, it’s still interesting to see what house prices are going for. Prices are up in the seven digits with an average property costing £1,201,833 over the last year and flats selling for an average price of £702,000.
Tottenham Court Road
(Image: Facundo Arrizabalaga/MyLondon)
A property in the heart of soho will set you back £1,737,941. Terrace houses go for a whopping £3,025,000 on average.
Paddington
Finally, Paddington, where Elizabeth line train’s terminate at this section of the line. Properties around Paddington Station had an overall average price of £950,127 over the last year and interest in the area is down 12 per cent on the previous year.
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