LIVING CLOSE TO CROSSRAIL
With the first section of the new railway due to open in May, property hunters have been making a beeline for homes within easy reach of Elizabeth Line stations, meaning housing is in demand all along the 72-mile route.
New developments in property hotspots along the route
WITH central London stations on the new Elizabeth Line on track to open in December, the new Crossrail service is set to boost the economy by £42 billion, support thousands of new jobs and homes in London and the South East and improve the quality of life for millions of passengers for decades to come.
Running from Reading and Heathrow in the west, through 42km of new tunnels under London to Shenfield and Abbey Wood in the east, Crossrail has been hailed as ‘one of the biggest new transport projects in a generation’ by Mayor of London Sadiq Khan.
Around 200 million passengers will travel on the Elizabeth line each year and the new line has already had a massive impact on property prices along its track.
According to Countrywide Research, homeowners along the route in London have seen the value of their home rise further and faster than those in neighbourhoods elsewhere in the capital.
In the nine years since construction began, the average home within a 1km of a Crossrail station has risen in value 8% more than one elsewhere in the same zone. In cash terms this means that since 2009, the average owner has seen their property rise in value by £51,000 more than those further away from a Crossrail station.
Outside the capital, houses near stations on the line from Reading into London, showed rises in house prices that were well above the average, according to research by Nationwide. Slough, for example, showed an average rise of 39% since 2014, which compared to an average rise for the South East region as a whole at 22%.
Greater transport capacity, new connections and planned enhancements around and above stations is transforming areas all along the line.
Developers who have constructed new homes close to Elizabeth Line stations are reaping the benefits, with the Crossrail effect driving regeneration and exciting new housing schemes. These new developments are attracting large numbers of wouldbe buyers keen to benefit from the new high-speed train services into central London.
Services on the line are set to be introduced in phases, with the entire network fully open by December 2019.
In central and southeast London and the Docklands, a total of 10 new state-of-the-art stations will be opened for the service and all of the 41 stations on the line will have stepfree access.
Multiple entrances and ticket halls, more space below ground and straightforward access to the rest of the transport network will ensure that Elizabeth line stations feel spacious.