The construction of Crossrail, which will be known as the Elizabeth Line, is now 80% complete. The line is expected to bring an additional 1.5m people within a 45 minute journey time of central London, and serve some 200m passengers per year.
The most recent data, from 2015/16 revealed that 1.34bn people used the London Underground, the highest number in the service’s 154 year history, emphasising the need for additional transport infrastructure in the capital. Crossrail trains are expected to be in operation from late 2018, marking the completion of London’s largest transport infrastructure project since the Second World War.
Knight Frank has just released a research report analysing property market performance along the Elizabeth Line. The firm’s previous Crossrail report, published in 2015, found that house prices along the route had outperformed the wider local markets by an average of 5% since Royal Assent was granted in 2008.
However, analysis of new data by Knight Frank, covering the period up to the end of 2016, shows that average outperformance has risen to 7%. The report stated that ‘Crossrail may not be the sole reason for price uplift, and other local factors will also have an influence on house prices, but the overall trend of outperformance is notable. Performance was calculated by analysing house prices within a 10-minute walk of stations in the central section, and within a 15-minute walk of stations in the eastern and western sections.