IF you live near the new Crossrail line it is good news – the cost of your house is going up.

Figures from Property Partner shows house prices have increased by 43.34 per cent in Ilford, Goodmayes and Seven Kings in the last five years.

In 2012, the average cost of a house in Ilford was £279,288 – but now people can expect to pay £40,332 for a new house.

Similarly, prices in Goodmayes are now £355,512 and £379,173 in Seven Kings.

While homeowners will be pleased by the surge, it is not such good news for those looking to get on the property ladder.

Crossrail is currently building a new underground Elizabeth line in honour of the UK’s longest serving monarch – with work expected to be complete by the end of next year.

All 40 stations along the new line have increased by around 48 per cent in the last decade.

This has led to a current average value of more than £530,000 for a house in London.

Dan Gandesha, the chief executive of Property Partner, warned prices could still continue to rise near Crossrail locations.

He said: "Although the impact of Crossrail on the property market has been long heralded, this research is a solid reminder of how stations along the route have outperformed non-Crossrail locations over the past decade.

“Dramatic cuts in commuting times and substantial regeneration of some of the areas along the Elizabeth line have been the main appeal driving price growth.

“But prices near many Crossrail locations are still forecast to keep rising.”

Crossrail’s plans to rebuild Ilford Station, in Cranbook Road, were recently approved by Redbridge Council.

A new building with a glass front will be constructed, as well as a larger ticket hall and new ticket gates.

New lifts and longer platforms will also be added as work begins in early 2018 to allow 12 Elizabeth line trains an hour to travel through Ilford to various locations across central London.

Leader of Redbridge Council, cllr Jas Athwal, believes the renovation will speed up commuting times.

He said: “With the arrival of the Elizabeth line, Ilford is on the fast track to becoming an exciting London hotspot.

“Commuting times will be slashed as we are rapidly linked to the City, West End and Heathrow Airport.

“We have big regeneration plans for Ilford with new homes, services, restaurants and street improvements on the way.”