The Crossrail Effect: new property hotspots
by Housesimple on 2nd February 2017
The hotly anticipated Crossrail train service won't be up and running until the end of 2018, but the new Elizabeth line is already affecting potential buyers' property searches. Areas along the route are beginning to see an increase in interest and value, so we're taking a look at four hotspots that have already experienced the first stages of the 'Crossrail effect'.
This Berkshire town has received the biggest boost from the new train line, with house prices in the area increasing by up to 60%. The town's centre is being revamped with a new library and cultural centre too, which is sure to be another pull for people looking to move to the area.
This area near Greenwich is quickly investing in new housing developments to cater for the Crossrail commuters who are likely to want to move nearby. The new transport links mean there will be up to 12 fast trains to London a day, taking just 25 minutes, so the councils are aiming to build 3,000 new homes in the next ten years to meet the demand.
Buyers are flocking to Ealing in West London, as the borough will be home to five of the new stops on the Elizabeth line. House prices are set to rise 50% by 2020, with rent prices also increasing. Hanwell especially should see rents increase by 34.4%, so if you’re thinking about getting into buying-to-let, this might be a potentially lucrative area to invest in.
House prices in Ilford have increased over the last five years, and with Ilford station set to receive a huge overhaul in 2018, it seems likely that property in the area will only become more desirable. Around 6,000 new homes are also set to be built in response to Crossrail, so now could be the perfect time to own some Essex real estate.