Crossrail has been a new phenomenon in the housing market. It is a new means of transportation that provides many commuters with a quick and easy way to enter and leave the city of London and other town and villages on this new line. That is the Elizabeth line - London's newest railway.
The Elizabeth line will stop at 41 accessible stations, 10 that are newly built and 30 that have been recently upgraded. Crossrail is expected to serve around 200 million people each year.
With this new advance in infrastructure, many homeowners, property developers, landlords and investors flocked to these towns and villages causing a surge in the prices of these houses. And eight years ago, people who had a foresight of what was to come were able to reap great profits from their smart investment.
Let's delve further into some of the different areas that have experienced the positive effect of Crossrail.
Eastern Area: Ilford
Starting in the East, the first area that was one of the first test stops of the new Crossrail was Ilford. Ilford is a prime area to attract home-buyers at a reasonable price in London. The average price for this area is around £297,000 with a 33 percent growth since the year 2009.
Central Area: Tottenham Court Road
The drastic change from the past to this new luxurious style, Tottenham Court Road is a sight to behold. The first tower ever built, Centre Point, boasts thirty-five deluxe apartments, with a pool, spa and gym. With these luxurious amenities, the average price is £1,350,000 with 107 percent growth since 2009.
Western Central Area: Southall
Lining the roads are beautiful Victorian style houses and according to the analysts at property group JLL, it is a smart investment to purchase homes in Southall. Also, due to the fact that Berkeley Homes Development is committed to developing 3,750 homes for new residents and this also reinforces the fact that Southall is a great investment. Other construction projects to be undertaken are new schools, community centres and a new park for the community members. With this being said, the average price is £331,000 with a 48 percent growth since the year 2009.
Western Area: Reading
Lastly, Reading is the home of many industries with companies such as Microsoft and Bayer and has a thriving local economy of its own. This makes it one of the prime areas that attract first-time buyers especially since the area is surrounded by rural areas in close proximity. The average price is £286,000 with a 49 percent increase in prices since 2009.
Crossrail was recently delayed in Reading, having been meant to launch at the end of 2018, it has now been pushed back to the end of 2019.
In Reading, from December 2019, two Elizabeth line trains per hour off peak and four per hour at peak will allow commuters to travel right through to central London without having to change trains at Paddington, Waterloo or elsewhere. When Crossrail is finished, it will increase London's rail capacity by around 10 per cent, which exerts have said should boost the economy by £42 billion.
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