After eight years of construction the London Crossrail project remains on track to formally open in December 2018 and be fully completed the following December.
Officially named the Elizabeth Line, the £14.8 billion investment scheme to improve the existing railway through London will run over 60 miles and cover 41 stations from Reading to Abbey Wood.
The ‘Crossrail effect’ has been observed where the improved transport links already led to a hike in house prices in most areas that have a station on the new line, as well as spurring construction of new developments.
If you think you’re too late to invest in property on the line, there is still time before demand goes through the roof when it opens. From East to West London discover these top investment locations for your next potential property.
A vibrant district in East London where a large community of young professionals are currently living. Whitechapel is one of the biggest beneficiaries from the reduced commuter times with the Crossrail being able to get passengers to Canary Wharf in just three minutes and to Bond Street in 10 minutes. It’s just one mile away from Shoreditch, a hive of activity and near to Victoria Park and the Regent’s Canal.
Average asking price for homes: £699,159 – 5% more than previous year, 18% higher than 2015
The arrival of the Elizabeth Line combined with affordable house prices has had a monumental effect on Forest Gate property. For those that can’t afford central London eight miles away, Forest Gate in Zone 3 is being brought closer to the city with the new line but still has a strong sense of a small community on the edge of the enchanting Epping Forest. It’s made this residential district popular for first time buyers.
Average asking price for homes: £448,556 – 8% more than previous year, 31% higher than 2015
Tottenham Court Road
Now the 12th busiest underground station, Tottenham Court Road is in the heart of the action and already benefits from great transport links. The Crossrail will put Heathrow Airport 30 minutes away and Canary Wharf within 12 minutes. Famous for its shopping and attractions in the area it’s also in close proximity to popular places like Covent Garden, Oxford Street and Euston.
Average asking price for homes: £920,930 –24% more than previous year, 19% higher than 2014.
Heading West to the Borough of Hammersmith and Fulham, Acton is set to become more desirable due to the new infrastructure. Located between Chiswick and White City, Acton is a suburb that has often been overlooked but is now benefitting from redevelopments and regeneration. As well as new properties, the Acton Main Line station has been given a new spacious ticket hall and footbridge with the platforms themselves extended to accommodate the new trains, which are 200m long.
Average asking price for homes: £627,318 – 8% more than previous year, 13% higher than 2015
This borough has been a popular suburb for a while for a large demographic with its Victorian and Edwardian detached family houses and red-brick architecture. Ealing already benefitted from the Night Tube where house prices rose due to an increase in housing demand. Homes within 10 minutes of Ealing Broadway tube station cost on average over £100,000 more than other homes in Ealing. Zones 3-6 are less congested and more attractive to property developers for building affordable homes. Dickens Yard is one of the new developments, 300 yards from the improved Ealing Broadway station with one and two-bedroom flats available to buy or for shared ownership.
Average asking price for homes: £582,888 –5% more than previous year, 11% higher than 2015
If you’ve already purchased a property along the Elizabeth Line route, why not get a professional and up-to-date inventory report from an experienced inventory clerk.