What we don’t generally hear about is the history of housing prices along any stretch of the current Crossrail lines. Since Crossrail delivers a significant reduction in commute time for Londoners, it stands to reason that any house within reasonable walking distance of the line will be a valuable commodity and should see an increase in price.
The main Crossrail line was, in 2016, renamed the Elizabeth line. Crossrail missed its December 2018 opening date and has had the opening delayed until Autumn of 2019. Despite the disappointment, it seems as housing prices will not only remain unaffected but continue to grow.
To understand the reach of Crossrail, please refer this graphic below.
The line will run East to West and will cut time off the journeys of commuters.
We know that several Areas of London, along with major towns to the West of London stand to gain. From Ilford in the East all the way to Reading in the West, there is still opportunity. Unfortunately, first time home buyers may find themselves priced out in these areas.
Ilford is long known as one of the more reasonably priced areas of London. The delay in the opening of Crossrail delivered a bit of disappointment to Ilford. But not as much as one may think, as Ilford still has property valuations that exceed other stops along the line. Though prices are rising and expected to rise even more once the line is completed, Ilford may represent a good investment opportunity for young families and first-time home buyers.
Moving on to Tottenham Court Road in what is roughly the central section of the line, we find that rapid gentrification has already taken place. What was once could be considered a less desirable area has since evolved. Growth, again once the line is finished, is expected to be in upwards of 25%.
In the more West central part of the line we encounter Southall. Again, Southall is one place a family may want to examine for their future home, especially if one member works at Heathrow. The line will reduce the commute by a significant margin. The Berkely Homes community assembled near the old gasworks is promised to provide somewhere in the neighborhood of 3500 homes and the attendant schools, shops and parks. This may very well be a must have section of London for many people.
Reading is at the far Western terminus of the line and is probably a better bet for the more established professional business people. It boasts its own self-contained economy and is where some of the larger international corporations have seemed to settle. Reading saw a sharp increase in housing prices once the Crossline station was announced.
These are but a few of the choice locations along Crossline. To be sure there are many more and much more analysis is available should you choose to avail yourself. One thing is for certain, the delay may be a net benefit for those who just needed a little more time.
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