The Crossrail effect: London house prices are rising fastest in Hillingdon and Havering as the Elizabeth line continues to fuel growth across the capital

New annual figures reveal the west London borough of Hillingdon - which will have two stations on the high-speed Elizabeth line route - has the fastest rising house prices in the capital

House prices are rising at almost three times the national average in two London boroughs due to have faster transport links thanks to the Elizabeth line.

Hillingdon has eclipsed every other borough in the capital in the past 12 months, with a price rise of 17.1 per cent, taking the average cost of buying to £390,000 in areas such as Hayes & Harlington and West Drayton, where new stations are planned along the rail route, including a spur to Heathrow.

The latest Land Registry figures also show sharp rises in Havering in east London, where a similar pace of growth has taken average property prices to £361,000. Romford, Gidea Park and Harold Wood, all within the borough of Havering, will each have stations on the eastern section of the Elizabeth line.

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Average house prices along the western section of the Elizabeth line

 

A study released by property consultant CBRE predicts that average prices around Elizabeth line stations will increase above local house price growth until the line launches in 2018/19, resulting in an average price hike of £133,000 between now and when the first trains run.

Recent reports from Rightmove have shown that asking prices for homes along the line have soared by up to a third in 12 months, with the furthest reaches of the route emerging as its best performers so far thanks to journey times to central London being slashed so heavily.

In Hillingdon, trains from West Drayton to Tottenham Court Road will shave almost half an hour off travel times, while commutes will be 27 minutes faster from the new station at Hayes & Harlington.

Asking prices in two parts of Havering have soared over the last year, says Rightmove. Harold Wood had a 28 per cent rise, to an average price of £278,000, while in Romford there was a 27 per cent rise, to an average price of £267,000.

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