Properties on Britain's Crossrail route have already doubled in price, despite delays expected to last a further two years.
The average house now stands at £665,103, compared to £330,770 in 2008, in the midst of the financial crash when the new railway route was given the green light.
In real terms, house prices have jumped 83.9% to an average of £655,103, compared to a jump of just 56.7% in wider areas, where property prices average just £472,486.
The largest increase has been in Tottenham Court Road, where property prices had slumped to just over £700,000 during the market crash. In the same area, average prices have rebounded by some 343.5% since to hit an average of over £3,000,000 today.
However, the latest announcement that Crossrail won’t be ready until 2021 is the latest in a string of delays to the project, with the first of these announced in September 2018.
Despite these delays, house prices surrounding many Crossrail stations have continued to outperform the wider market in the past year - rising by 2.1%, compared to a drop of -1.9% in further areas in London.
The largest increase has been around Bond Street, although Whitechapel has seen the third largest rate of growth in the past year, with prices up 27.3% compared to a drop of -2.3% across Tower Hamlets as a whole.
Based on the previous data on Crossrail house price growth, Benham and Reeves, which carried out the comparison, said it forecasts house prices in each Crossrail station to increase by a further 4.7% by the time the project is delivered in 2021.
"It’s clear that despite the ongoing delays to its launch, the future benefits of Crossrail continue to stimulate price growth at a top level in areas surrounding a station, although there are a handful of areas where Crossrail house price growth has lagged behind the wider area over the last decade," director of Benham and Reeves, Marc von Grundherr, saod.
"This is of course, due to the fact that while price growth has accelerated since 2008, some areas have now come off the boil due to their ever increasing price tag and more recently due to wider Brexit uncertainty and a consistent string of delays to the project.
"That said, the top line figures suggest that despite these delays, house prices surrounding the majority of Crossrail stations continue to outperform the wider London market and while not every station has been a silver bullet against poor house price growth, Crossrail remains very sought after amongst buyers with one eye on a future price increase."
How prices have changed in each area (July 2008 vs August 2019)
Tottenham Court Roa d: £725,603, £3,218,281
Bond Street : £725,603, £3,218,281
Woolwich : £181,022, £435,060
West Ealing : £322,644, £703,619
Hanwell : £296,267, £625,397
Farringdon : £486,120, £1,003,355
Whitechapel : £346,101, £708,490
Langley : £250,372, £495,100
Manor Park : £222,916, £438,154
Romford : £199,635, £387,083
Acton Main Line : £313,803, £592,620
Maryland : £232,879, £432,242
Stratford : £232,879, £432,242
Forest Gate : £234,723, £427,778
Goodmayes : £254,328, £455,159
Seven Kings : £254,328, £455,159
Abbey Wood : £196,698, £341,978
Southall : £230,662, £398,937
Liverpool Street : £618,333, £1,046,000
Taplow : £375,349, £632,318
Maidenhead : £375,349, £632,318
Gidea Park : £290,884, £486,154
Ealing Broadway : £446,643, £720,803
Chadwell Heath : £219,239, £352,339
