Crossrail, leading the way for areas to buy

I am often asked where are the great places to invest in London. As a former real estate banker, I think it is important to look at factors that impact supply and demand. London has a chronic housing shortage so with the advent of Crossrail, the ambitious £14.8 billion transport plan by the UK government through Transport for London that will serve 41 stations, it is a major catalyst to increasing supply and regenerating areas that have been overlooked. The line (called the Elizabeth line) will traverse across 60 miles and connect Reading and Heathrow in the west through central London to Shenfield and Abbey Wood in the east. It is expected to carry over 200 million passengers per year. The line broke ground in 2009 and now the first stations are scheduled to open in December 2018 with the completion of the line scheduled for December 2019.

So what are there areas benefitting most? I’ve highlighted a few:

In the Southeast

Average property prices in Abbey Wood and Woolwich, which straddle the boroughs Bexley and Greenwich now hover at about £360,000 and £400,000 respectively following average increases of 71% and 57% between 2009 and 2017. Led by Berkeley Homes’ £1.2 billion project at Royal Arsenal Woolwich, it is one of Europe’s largest regeneration projects with 5,000 new homes coming along with bars, restaurants and a new creative quarter on an 88 acre site with 1km of riverside frontage. The stop will connect Canary Wharf in 8 minutes and Bond Street in 22 minutes. At the start of the line is Abbey Wood, where residential developer HUB has plans to deliver 245 flats, a hotel and a new public square as part of its Abbey Place scheme next to the station.

Central London

While central London’s new stations will include Farringdon, Tottenham Court Road and Bond Street, no area will benefit more than Paddington with its new station and associated redevelopment plans.

Though Paddington has a prime central location tucked between Hyde Park and Edgware Road, historically it has not been considered a desirable place to live as nearby Notting Hill, Bayswater and Marylebone have attracted most of the attention. For years it was run down and sketchy and better known for its prostitutes than its Grand Union Canal basin. Now there is buzz and excitement as the 80-acre, £1 billion regeneration plan continues to delivering new bars, restaurants and office space in addition to new housing.

There will be a new Bakerloo line station and ticket hall, with journey time reductions slashed – a 35 minute journey to Canary Wharf will be reduced to 17 minutes and a current 20 minute trip to Tottenham Court Road will be just 4 minutes. And there is still the Heathrow Express providing access to Heathrow in 15 minutes. The Crossrail injection will truly transform this area into a go to residential destination to compete with its neighbors.

Heading west

To the west there is Ealing borough, a vast area of over 13,000 acres and spanning 3 post costs. Its border starts north of Chiswick, passes Hammersmith, touches Willesden Junction in the northeast, snakes across passed Northolt then down to Norwood Green in the southwest.

Crossrail stations will include Acton, Ealing Broadway, West Ealing, Hanwell, and Southall. When up and running by the end of 2019, the line will take the journey time from Ealing Broadway to Bond Street from 22 minutes down to 11, to Canary Wharf down from 43 to 25 and to Heathrow airport down from 24 minutes to 15. The same routes from Acton will see times reduced respectively from 27 minutes to 9, from 42 minutes to 23 and from 44 minutes to just 17.

Property prices in Acton are expected to double by 2020. The Filmworks project, an art deco, mixed-use scheme will deliver 200 homes and an 8 screen cinema. Near Ealing Broadway station, Dickens Yard, framed by historical landmarks such as the Town Hall, Christ the Saviour Church and the Old Fire Station, is scheduled to deliver 700 new homes as part of a larger urban quarter 104,000 sq ft, mixed-use scheme. A £166 million regeneration of the Green Man Lane estate, new flats start at Fabrica and Rydon’s Jigsaw in West Ealing will come online.

If you want to know more about where to buy to take advantage of Crossrail, get in touch today.