Some areas of east London have seen a 100% uplift in prices due to their proximity to the Elizabeth Line, according to Winkworth.

The new line, which officially opened in May 2022, runs through central London and stretches from Reading, Berkshire, in the west to Shenfield, Essex, in the east.

With the Bond Street connection on the new branch of the Underground network now open, Winkworth CEO Dominic Agace said “dramatic increases” have been seen in areas where the transport links weren’t good before the arrival of the line.

Agace told the Property Exchange podcast that areas in the east of the capital such as Forest Gate, Abbey Wood and Manor Park have seen 100% rises over the past ten years as a result of the Crossrail project which culminated in the opening of the Elizabeth Line, while Ealing in west London had seen a 50 per cent uplift in prices since 2012.

“There will be a secondary impact in areas such as Ealing in Zone 3 where family houses with a large garden command around £600 per square foot and it now takes 30 minutes to get to the City on the Elizabeth Line,” said Agace. “There are prime suburbs in Zone 2, with an average price per square foot is £850, where it now takes longer to get to the City than from Ealing.

“Infrastructure always has a long-term positive impact on property prices,” Agace added. “The Elizabeth Line will bring in 1.5 million people to the capital’s business districts and it will have a halo effect on the areas close to the stations. In Ealing, the average house price is £700,000. Hanwell is one stop along where the average price is £500,000 so it will open access to a wider selection of buyers.”

According to Winkworth, buyers are already targeting Reading, where trains now connect directly with Liverpool Street via the Elizabeth Line, in addition to the current 30-minute link with the West End.

James Hathaway, who runs the Winkworth Reading office, said: “The Elizabeth Line is a game changer for people wanting to buy or rent a home in Reading and commute to the capital. Other places nearby such as Twyford will also feel the effects.”

Rents in Reading have seen a 25% increase in the past year, according to Winkworth. “Demand is huge,” Hathaway told the podcast. “When a flat becomes available, we will have ten people to view within an hour.

“The rise in rents in the town are keeping landlords in the sector at the moment despite the recent changes in taxation and regulation,” Hathaway added.