Crossrail boosts house prices as second BBC series nears

The mammoth construction of the Elizabeth line underground railway in London is set to return to British screens, Transport for London and the BBC confirmed on Monday, as fresh data pointed to a boost for house prices in areas surrounding Crossrail stations.

Currently Britain’s largest engineering project, Crossrail - which will be called the Elizabeth line on the Tube map when it enters full service in late 2018 - would return to BBC Two for a second series of ‘The Fifteen Billion Pound Railway’ from 22 May, airing at 2100 BST.

The project provided access to the series’ producers over two years as they followed the construction of the railway under central London, with the first series - which aired in July 2014 - following workers as they dug the tunnels, rebuilt the Victorian Connaught Tunnel in the Royal Docks and construct a huge new station at Canary Wharf.

“The Elizabeth line will transform rail travel in London and the South East when it opens in December 2018,” said Crossrail programme director Simon Wright.

“The second series of The Fifteen Billion Pound Railway not only shows the scale and complexity of the work undertaken to turn the cavernous spaces we’ve created under the streets of London into a brand new railway, but also the incredible people who have worked tirelessly to construct the Elizabeth line.”

At the same time, fresh data from hybrid estate agency eMoov.co.uk suggested residential property in areas around future Elizabeth line stations had appreciated in value 80% since the project was first green-lit in 2007 - 3% higher than London did as a whole over the same period.

Some of the largest increases were unsurprisingly in inner London, with stations such as Whitechapel, Paddington and Liverpool Street seeing surrounding properties appreciate by 159%, 129% and 118%, respectively.

But the traditionally cheaper outer suburbs had appreciated too, with Ealing Broadway, West Ealing and Acton seeing values rise 111%, 105% and 95% since 2007.

“Homeowners along the Crossrail route will be licking their lips with the first roll out of the service, as the development looks set to change the face of London transport and make traversing the capital easier than it has ever been,” said eMoov founder and CEO Russell Quirk.

“Whilst many along the new line have already started to price their property based on the future benefits of the development, the service also opens up areas of the country that are just one stop away from a Crossrail terminal.

“As London buyers get pushed further and further into the commuter belt to find an affordable property, the new line should breathe further life into London’s commuter belt and even further afield than the traditional locations.”

The Elizabeth line comes into full service in December 2018, running from Reading and Heathrow to Essex via central London.