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Impact of Crossrail on Maidenhead
We look at the impact of Crossrail on Maidenhead, particularly its impact on the property market.
Maidenhead was initially the planned western terminus of Crossrail 1 but, following extensive lobbying and a strong local campaign, the decision was taken in 2014 that the western terminus would move to Reading.
Nevertheless, Maidenhead, which first had a station on the original Great Western Railway in 1840 is seeing the current station undergoing significant modifications, which will complete next year. The main changes include a redeveloped main ticket office, improved ticket hall layout, new platform canopies, a new lift to platform 1, platform extensions, new signage, help points, customer information screens and CCTV.
When Crossrail fully opens in 2019, four services an hour in each direction will serve Maidenhead station, allowing passengers to travel right through central London without having to change trains. Journey times will significantly reduce with the Paddington run time coming down from 45 to 37 minutes, the Tottenham Court Road trip from 62 to 43 minutes and the time to Canary Wharf reducing from 76 to 55 minutes.
As well as Crossrail, Maidenhead enjoys close proximity to the M4 and M40 motorways for journeying by road to London, the West and the Midlands.
As well as being attractively located on the banks of the River Thames, Maidenhead is surrounded by 1,000 acres of National Trust Land and 4,800 acres owned by the Crown Estate. It is also on the outskirts of the beautiful Chilton Hills and adjacent to the bustling town of Windsor, home to Windsor Castle and steeped in the history of England. Also on the doorstep are Ascot Racecourse, Henley and LEGOLAND for the young at heart. Apart from Eton College which is just up the road the area is exceptionally well placed for first class schooling – both private and state.
The town and surrounding villages have numerous good quality pubs and restaurants and there are also a range of golf clubs and sporting facilities on offer.
What Home Buyers Think of Maidenhead
These are the results of a Zoopla survey of how their customers currently rate Maidenhead (out of 5)
Overall rating 4;
Community & safety 4;
Entertainment & nightlife 3;
Parks & recreation 3½;
Restaurants & shopping 4;
Schools & public services 4 and
Transport & travel 4.
House Prices in Maidenhead
At the time of writing (October 2015), of the 275 properties on the market in Maidenhead 109 are three bed houses ranging from £315,000 to £950,000 with an average asking price of £590,000; 80 are four bed houses ranging from ££355,000 to £1,250,000 with an average price of around £675,000 and 74 are two bed houses and flats ranging from £250,000 to £725,000 with an average price of around £360,000. A one bed flat averages around £250,000 but there are currently very few available.
The Rental Market
1 bed properties can fetch rents of around £3000 per month but the norm is between £750 and £1300 with around £1000 per month being the average.
Monthly rents for 2 bed properties tend to start at around £850 and can rise to over £1500 with the average around the £1200 mark.
Impact of Crossrail on the Maidenhead Property Market
Prices have already risen significantly in the Maidenhead area and an element of “Crossrail premium pricing” has undoubtedly been factored in. However recent forecasts suggest that house prices could rise by a further 20% in this area of Berkshire, and as the Crossrail link gets nearer and publicity increases, we anticipate a further positive impact of Crossrail on Maidenhead and it’s property market. It would be no surprise to see prices and rents increasing even further.
Another factor of Crossrail is the impact on house prices in the surrounding area – Marlow and Bourne End for example have their own rail link to Maidenhead (24 minutes from Marlow and 11 minutes from Bourne End) whilst Bracknell, Ascot and Windsor are all within a 15 minute drive. It is easy to see that the “Crossrail impact” could also extend to these localities.
The proximity of Maidenhead to the busy financial, business and commercial centres of Reading should also not be overlooked – once Crossrail is up and running, the journey time to Reading will be just 11 minutes and with much of Reading’s commercial activity being centered in the station area. It is possible that many will prefer to commute from the leafy residential areas of Maidenhead than drive in from the outskirts of Reading.
Our property sourcing team have actively assisted investors locate and purchase properties in Maidenhead. If you are seeking an investment property or a residential home then please contact us via our sister website www.source.investments and we will be pleased to help.