Property demand skyrockets near tube stops to be served by Crossrail
Park Royal in Zone 3 has seen a rise in demand of 113% compared to last year, followed closely by Hanger Lane, where demand has increased by 73%, according to online estate agent eMoov.co.uk.
Russell Quirk, founder and CEO of eMoov.co.uk, said: “It’s evident that the forthcoming arrival of the Crossrail development is already having a notable impact on the areas due to benefit.
“As the primary mode of traversing the capital, the ongoing improvements in rail links are continuously changing the London property landscape, in terms of which areas are the most in demand among UK buyers,” he said.
Quirk said he expected homeowners living in Crossrail-connected areas will see a significant value increase in their property over the next few years. He advised those looking to sell to consider holding out until Crossrail is up and running.
On average, property demand across the tube network has fallen by 3% year-on-year.
Zone 1 has seen the biggest drop, with demand in Tower Hill (-59%), Tottenham Court Road (-58%) and Hyde Park Corner (-56%) falling the most year-on-year.
Bond Street (7%), Tottenham Court Road (7%) and Hyde Park Corner (8%) are the three tube stop with least property demand.
Zones 5 and 6 are home to the tube stops with the highest property demand. South Ruislip is currently at the top of the list at 75%, with the top 10 including Eastcote (71%), Ruislip Manor (71%), Northwood Hills (67%), Ruislip (66%) and Rayners Lane (67%). All except Northwood Hills lie with in a direct commute to Acton, which will be served by Crossrail.
Ruislip, Ruislip Manor, Eastcote and Rayners Lane are also located on the Metropolitan line, the most in demand of all lines at 47%.