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Buying Property on the Crossrail Route
From 2018 a new high-speed Crossrail route will cover the 75 miles from Reading in the west to Shenfield in the east, taking in 40 stations (10 new ones) and providing the first ever direct connection between all of London’s main employment centres and Heathrow airport. Up to 24 trains an hour will run during peak periods slashing journey times into the capital and changing the lives of millions of Londoners and suburban commuters. Over 1.5 million more people will be placed within a 45-minute commute of the key business districts.
As nothing boosts the value of homes more than a major transport upgrade, Crossrail is already providing a catalyst for regeneration and forward-thinking home buyers and savvy investors are beginning to focus on the neighbourhoods now in the spotlight because of the new route.
Since approval was given in 2008 the value of homes around the stations along the Crossrail route has grown by 20% more than underlying capital appreciation in London and the South-East and there are predictions that this could increase by a further 13% over and above wider growth by 2018.
In central London, the overall increase will be closer to 20 per cent, typically adding £100,000 to the value of each property.
Hayes and Harlington
Acton (Main Line)
Tottenham Court Road
Then line branches south and north
South branch –
North Branch –
To see the route in more detail, please click here.
Hotspots have already emerged and others will follow, some examples are as follows –
Reading, Maidenhead, Taplow, Slough, Iver, Burnham and Langley along the western section of the route stand to gain enormously because the journey time to central London will be significantly cut by up to 40 minutes.
In Maidenhead for example the town centre is getting a facelift and local house values are at record levels and rising. Flats start from £175,000.
Meanwhile the districts from West Drayton to Acton have seen the highest house price growth of any part of the Crossrail route and a “garden village” is planned in West Drayton, with 775 homes, green spaces, shops and an upgraded pedestrian route to the Crossrail station. (Prices from £199,995).
Southall is getting one of the capital’s biggest new neighbourhoods. At least 3,750 homes will be built on an 85-acre former gas works bordering Grand Union Canal.
Because Ealing Broadway will be directly connected to the West End, City and Canary Wharf employment centres it is tipped to become a better investment than nearby Chiswick.
Acton is predicted to be popular with young renters and buyers who can’t afford Hammersmith or Shepherd’s Bush, but want to be well connected. (One-bedroom flats start from £280,000).
Farringdon station in Clerkenwell (which will be the only London terminus with integrated north-south (of the river) and east-west routes) is poised for huge growth with a projected sevenfold increase in commuters. Not only will it allow passengers to board Crossrail, Thameslink and London Underground trains but will also provide direct links to Gatwick, Heathrow, Luton and London City airports as well as to Eurostar services at St Pancras and Brighton on the south coast.
Paddington’s new Crossrail station will create a 17-minute commute to Canary Wharf – at a price. Local two-bedroom flats start from about £800,000, with houses from £2.5 million.
Poplar will now be linked direct to Canary Wharf Crossrail station. In Poplar new one-bedroom flats start from £300,000, and two-bedroom flats from £450,000 although re-sales in less-glitzy developments built 15 or 20 years ago are cheaper. Although prices are 15-20% higher than a year ago they offer an attractive financial alternative to the significantly higher prices in central London.
Royal Docks, one of London’s main regeneration and housing growth areas will get a huge boost from Crossrail which will connect with Tottenham Court Road in only 15 minutes.
Abbey Wood on the Crossrail southern spur into Greenwich which is currently a desolate, isolated and relatively cheap south London outpost has the potential to become a serious commuter zone.
Woolwich remains one of the cheapest places to live in London but when the station opens in 2018, no other place beyond Zone 1 in south London will be as well-connected. Ex-local authority flats in Woolwich start at less than £125,000 (see below).
Stratford will be reclassified next year as Zone 2. (Re-sales start at £220,000 for conversions and about £330,000 for modest houses).
Maryland which merges into Leytonstone offers local property prices around 30-35% below the London average.
Forest Gate, Manor Park and Ilford will all come within approximately 20 to 25 minutes journey time of Tottenham Court Road and under an hour to Heathrow.
Seven Kings, Goodmayes and Chadwell Heath house some of the capital’s cheapest homes with flats under £200,000, houses from £250,000 and decent size semis under £500,000.
Gidea Park is an original Edwardian garden suburb, with small cottages and houses in an attractive setting adjoining golf courses and woodland. Detached houses fetch £1 million-plus.
Brentwood has a wealthy, rural feel with a traditional high street, old fashioned independent shops and a monthly farmers’ market but will be less than 30 minutes from the City by Crossrail.
Shenfield, at the end of the Crossrail line, is leafy, prosperous and great for families. A comfortable house in comfortable surroundings costs £500,000 to £800,000
Take advantage early
Being aware of the impact that the Overground improvements had to property prices in areas such as Forest Hill, Sydenham and Peckham canny investors have already locked onto the potential financial advantages of investing in properties on the Crossrail link even though it is still three to four years off completion.
Early investors can expect to benefit over the longer term in the same way that purchasers of properties did in Stratford after the Olympic Games were awarded to London in 2005. New building projects in and around the new central London stations and interchanges — Paddington, Bond Street, Tottenham Court Road, Farringdon, Liverpool Street, Whitechapel and Canary Wharf meant that 10% of homes bought last year were within a mile of a Crossrail station.
One word of caution is that developers will almost certainly be factoring in future price growth when selling homes now, either off-plan or ready to move into.
Follow the Developer
Crossrail is owned by Transport for London but is partly funded by developers who will inevitably want to cash in on their investment.
For example Berkeley Homes has contributed £30 million towards the £100 million Crossrail station at Royal Arsenal Riverside in Woolwich and will develop 394 flats in five towers above the Crossrail station. (Prices from £345,000). Local residents will be able to get to Canary Wharf in eight minutes, the City in 15 minutes and Heathrow in 47 minutes (and the local council is lobbying Transport for London to change Woolwich from a Zone 4 to a Zone 3 station).
Canary Wharf is expected to be another Crossrail winner. Not only will it will have a direct link to Heathrow but the new station will be one of the largest on the route, with shops on six floors plus restaurants and cafés and a landscaped park. Also around there are around 10,000 new homes in Docklands in the pipeline.
Contact Source Property Investments
Our buying agency arm is regularly acquiring Crossrail properties on behalf of clients – for a free consultation or more information please head to the website, Source Property Investments.