House prices are already shooting up along the Elizabeth line

 
Helen Cahill
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The Queen Visits The Crossrail Station Site At Bond Street
The line has been named after the Queen (Source: Getty)

Property prices along the much-anticipated Elizabeth line - formerly known as Crossrail - are already shooting up.

Average house prices near the stations along the route have up gone up by 22 per cent over the last two years, according to research by Lloyds Bank, even though the line won't be fully-functioning until the end of 2019.

Read more: Crossrail Two can cushion London from Brexit slowdown

House price growth in the surrounding areas along the line has averaged 14 per cent during the period.

The change has been particularly striking in Abbey Wood, and Forest Gate, where prices have increased by 47 per cent and 46 per cent respectively.

This has brought the average house price in Abbey Wood up by £91,712 in the last two years. As of August this year, the average price for the area was £288,789.

The most expensive area on the line was Paddington, the only place where the average house price was above £1m.

Read more: Here's how much Crossrail's Elizabeth Line rebrand actually cost TfL

Andrew Mason, Lloyds Bank mortgage products director, said: "Crossrail promises to connect towns in Berkshire and Buckinghamshire to Essex and south-east London, via the centre of the capital, by offering a frequent and fast service which will integrate with the existing Underground network.

"This will clearly prove attractive to many commuters, as the new service will make it much easier to reach ket destinations such as the City of London, Canary Wharf and Heathrow Airport."

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