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Havering house prices increase 48pc near Crossrail

PUBLISHED: 12:00 03 February 2017

Crossrail

Crossrail

Drew Gardner

House prices in the borough have rocketed by at least 48 per cent near Crossrail stations.

According to data collected by Property Partner, in the past five years homes near the Elizabeth line have been selling at prices “higher than average”.

In Romford, the average property in vicinity of the station has risen from £241,027 to £359,058 which is an increase of 48.9pc.

Gidea Park has also jumped by nearly 50pc and property is valued at £460,131, rising from £308,999.

Dan Gandesha, CEO of Property Partner, said although the impact of Crossrail on the property market has been long heralded, this new 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,” he said.

“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.”

Martin Gibbon, a fellow of the National Association of Estate Agents and group director of Balgores Property Group, said: “Despite Brexit, house prices have continued to rise in Essex, well ahead the rest of the UK.

“Demand for property surged last year, thanks to affordable house prices and good transport links into London.

“Crossrail is also helping to drive demand, along with an increase in buy-to-let landlords investing in the towns, attracted by the good yields.”

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