House prices in Abbey Wood have soared by over £100,000 from 10 years go - find out why here
PUBLISHED: 16:13 26 January 2017 | UPDATED: 16:13 26 January 2017
Prices have grown at a rate above the national average
Homeowners near the planned Crossrail route are already benefitting from its development, according to new figures.
The Elizabeth Line, will see trains run direct from Abbey Wood to as far as Reading.
Now new property figures reveal homes around the town have soared by more than £100,000 since the infrastructure plan was announced in 2007.
The 73-mile line which will link south east London to Berkshire and Buckinghamshire via central London is expected to open in December 2018.
But ahead of the line’s official opening, house prices around 24 of its 40 stations have already seen a benefit.
In 2007, the average price of a house in Abbey Wood was £179,482.
Now, according to PropertyPlanner, the average price £289,468, a rise 61.28 per cent.
The rise is above the average for other houses along the Elizabeth Line, and well above the national average increase of 25 per cent.
Dan Gandesha, CEO of Property Partner, comments: “Although the impact of Crossrail on the property market has been long heralded, this research is a solid reminder of how stations along the route have outperformed non-Crossrail locations over the past decade.
“Dramatic cuts in commuting times and substantial regeneration of some of the areas along the Elizabeth line have been the main appeal driving price growth.
“But prices near many Crossrail locations are still forecast to keep rising. Demand from owner-occupiers and tenants will only intensify once the projects are complete. For example, it currently takes 35 minutes to travel from Ealing Broadway to Liverpool Street station (London’s ‘Square Mile’). That time will be almost halved when Crossrail arrives.
“The Woolwich and Abbey Wood areas are also interesting case studies. The huge scale of their regeneration projects, combined with slashing of travel times to Canary Wharf (8 minutes from Woolwich), means that real change is likely to take place over the next few years.”