The Crossrail effect from Paddington to Liverpool Street: new mega stations create hotspots for home buyers

The staggering house price growth in prime central London may price you out of this part of town, but central London's gleaming new mega stations are already causing property ripples in the surrounding neighbourhoods, too. In part four of our Crossrail series, we reveal the city centre fringe areas to watch.

The average price of a home in the Tottenham Court Road area 10 years ago was £311,000. Today it is £1,365,326. This staggering 439 per cent price increase, among the highest in London over the decade, is in no small way due to the new Crossrail station coming to the area. 

Six new stations being built in central London are all causing property ripples ahead of the line opening in 2018. Unlike more far-flung areas along the route, where the main benefit is reduced  journey times to the centre, in central London it is all about the changes and improvements to neighbourhoods close to the stations — and the shorter travelling time to Heathrow airport and Canary Wharf.

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Crossrail is the first transport project in the UK that sets out to comprehensively dovetail with other developments above and alongside stations.

Showpiece stations at Paddington, Bond Street, Tottenham Court Road, Farringdon, Liverpool Street and Whitechapel will be at the heart of much bigger commercial zones. There is also enormous investment going into the public realm — pedestrianisation, bike docks, better streetscaping, the creation of squares, gardens and parks — within more than half a mile of the new stations, helping to knit them into old areas, to the benefit of both.




Property analyst GVA estimates Crossrail will help trigger about 57,000 new homes and 40 million square feet of commercial space along the route. In central London, veteran property companies such as Grosvenor are among those using their “place-making” expertise to give neighbourhoods a facelift.


READ MORE FROM OUR CROSSRAIL SERIES:


Bond Street 

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Highlighted in green: the Paddington to Liverpool Street part of the Crossrail route

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