Crossrail has been described as the greatest example of British engineering excellence for hundreds of years. The rail link formally known as the Elizabeth Line runs from West to East London. Starting at Reading and ending at Shenfield and passing through some of London’s major underground and mainline stations on its way. Using research carried out by Nationwide, we look at the impact Crossrail is having on property prices in these areas.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Property prices in the West
The towns where property prices have increased in value at a much higher rate than others, is Slough and Reading. Here, property prices have respectively risen 39% and 33% over a two period from April 2014 to April 2016.
This is compared to the regional average of 22% and the national average of 14%.
This growth has been driven by the demand for properties in this area and the number of completed property sales.
This is great news, particularly for Slough, which has developed a tainted reputation at the hands of Ricky Gervais’ character David Brent from The Office!
Property prices in the East
The positive impact that Crossrail has had on property prices in the West, has not been as substantial in the East. Whilst, property prices have increased, the increase has been in-line with the regional average.
Property prices in the Borough of Brentwood (which includes Shenfield) have risen 24% in the same two-year time-frame. The regional average for this period was 23%.
The slower rise in property prices could be due to the fact that the East already has well established rail links, with regular services going into the City and the Docklands.
What will happen once it’s full steam ahead for the Elizabeth line?
It will be interesting to see what will happen in the next couple of years once the line is fully open. And, if Crossrail 2 is given the go-ahead, what will happen to property prices in the North and South of London?
Could property prices here rise higher than the current London average of £615,519?
Property investment in properties along the Crossrail route
Some say that many areas along the Crossrail route have already been snapped up, as market savvy investors have been ahead of the curve.
Nevertheless, there will alway be properties for sale in these areas, just whether they will still be a bargain is another matter.
If you are looking for a mortgage for a new home, or as an investment property, speak to a mortgage adviser that can detail all your options.
Having finance in place when you come to negotiate price is always a bonus, particularly if you are a first-time buyer.