Trains will finally start running on the Crossrail line from Tuesday May 24, Transport for London has pledged.
Almost four years late and wildly over budget, test trains are already running along the line in advance of its opening to passengers in central London, followed by the opening of the eastern and western ends of the line.
One aspect of Crossrail that has long been highly efficient is its ability to create micro property booms, with the price of homes close to its stations far outpacing nearby areas.
Over the past five years key locations have seen price growth of almost 50 per cent, despite Brexit and the pandemic, according to new research, although there are still some affordable locations to buy into in the hopes of some Crossrail bounce once the line is finally up and running.
The most pocket-friendly Crossrail option is Abbey Wood, which straddles the London boroughs of Greenwich and Bexley, with average prices of a relatively modest £350,000, according to research by Savills on the price of homes within a kilometre of Elizabeth Line stations.
And there is a decent choice of areas where you could buy an average home for less than £400,000. Most are right on the edge of London: Harold Wood and Chadwell Heath, both on the fringes of Essex, and West Drayton, in outer west London. The most central option is under-regenerating Woolwich, six miles east of Canary Wharf and in Zone 4, where the average price is £383,000.
If you are interested in locations where prices are rising, in hopes of future price growth, many of the best performers over the five years have been clustered in west London.
The league table is led by Southall, where the launch of scores of modern, price-busting new apartments has helped boost prices by 48 per cent, to an average of £423,000.
Leafy Ealing Broadway has also performed strongly. Prices have shot up by almost 42 per cent to an average of £882,000. A single stop away West Ealing has seen price growth of 16.4 per cent, to an average of £707,000, while nearby Hanwell, has seen a 20 per cent price rise to £597,000. Hayes & Harlington’s prices are up 36.3 per cent to an average of £412,000.
In east London, Canary Wharf’s five year price growth has been 37.3 per cent, to an average of £640,000 although the pandemic and WFH have certainly hampered sales of its high rise apartments.
Further out prices in Manor Park are up by 47.7 per cent to an average of £476,000, Chadwell Heath has seen prices rise 35.5 per cent to £363,000, Goodmayes’ prices are up 29.3 per cent to £427,000, and prices in Ilford have increased by 30.6 per cent to an average of £353,000.
BEST VALUE AREAS TO BUY NEAR AN ELIZABETH LINE STATION
Elizabeth Line station
Average house price, Feb 2021
Average house price, Feb 2016
Five-year change (%)
Hayes & Harlington