See how much house prices near Crossrail stations in Redbridge have increased
02-03-2017
Drew Gardner
Prices for houses in Redbridge near Crossrail stations have rocketed by more than 40 per cent in the last five years.
In Ilford, the average price for properties in vicinity of the station has risen from £279,288 in 2012 to £400,332 in 2017 – an increase of 43pc.
House prices near Chadwell Heath station have jumped up by almost a massive 50pc from £223,834 five years ago to £333,431 now.
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”.
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.”
Ben Collins, Ilford Business Improvement District (BID) manager, said Crossrail is a “fantastically” good thing for Ilford but local people should not be left behind.
“It is clearly great that people want to move in and the prices are going up,” he said.
“It is a good thing for Ilford but it is also a double edged sword. While it is a hugely positive sign, there will be some people that have grown up in Ilford and they will feel priced out.
“There should be opportunities for local people to take advantage of these things so that they are not left behind and still part of Ilford.”