The final opening of the new Elizabeth line or Crossrail has gotten everyone excited. It brings about a host of opportunities and possibilities business and jobwise and makes commutes easier for a significant number of Londoners.
As expected, the arrival of the Crossrail has also had a significant impact on home prices, be it for rental properties or properties for sale, houses and flats alike. Our experienced Newham estate agents have witnessed this first hand, and, in this article, they are sharing their knowledge on the best value property areas along the Crossrail route so you can make an informed and profitable decision.
What you can find in this article:
- The Effects of the Crossrail on Property Prices
- Cheapest Areas to Buy or Rent a Property Along the Crossrail Route
The Effects of the Crossrail on Property Prices
The Elizabeth Line connecting western and easter London finally opened on May 24 of this year after a 4-year delay. The project stretches from Heathrow and Reading in the West to Shenfield and Abbey Wood in the east and cost £18.7 billion. It’s been a long-awaited moment for business owners, commuters, and property owners alike as they all expect the Crossrail connection to positively impact their lives. The Crossrail is expected to cut commute times by as much as half for certain boroughs and bring about rejuvenation projects in underdeveloped areas.
For properties, the arrival of the Crossrail has translated into price rises, especially in the areas located nearby the new stations. House prices in the areas surrounding the newly opened Elizabeth line stations have exploded with some even doubling.
With average house prices in London reaching an astonishing £700,000, improved transport links will prove to be a blessing for those looking to buy a home in an affordable area with good transport links.
However, even considering the fact that property prices are booming London-wide, the good news is that there are still areas along the Crossrail route where you can find a home under £500,000.
Keep reading to learn more about these areas and what average price you can expect to find for flats and houses.
Cheapest Areas to Buy a Property Along the Crossrail Route
Our Newham estate agents report that, in East London, Manor Park is leading the charts in terms of property price increases with a 47.7% price increase in the last 5 years, followed by Canary Wharf with 37.3%, Chadwell Heath at 35.5%, Ilford with 30.6%, and Goodmayes with 29.3%.
According to our Newham estate agents, Abbey Wood is the area that now stands out as the cheapest option along the new Elizabeth line, with an average property price of £350,000. Other areas where you can secure a home for under £400,000 include Harold Wood, Chadwell Heath, and Woolwich.
Abbey Wood is located in south-east London. When it comes to houses, it’s the cheapest option on the Crossrail route, with average house prices at around £388,000. For flats, Abbey Wood is 5th on the list with an average price of £249,000.
Abbey Wood is a great location to invest in a property in East London according to our Newham estate agents as it is undergoing dramatic transformation and rejuvenation with projects like the £1 billion redevelopment of Thamesmead set to be finalised by 2050.
Also located in East London, Chadwell Heath is the second cheapest place you can buy a house on the Crossrail route and the cheapest place to buy a flat. Average house prices are around £414,000 and average flat prices in the area are at about £214,000.
Chadwell Heath is also undergoing transformation, with significant investments planned by the Barking and Dagenham Council that include 4,000 new homes, as well as modern schools, shops, public spaces, and restaurants.
Ilford is another East London area that has become a property hotspot even before the Crossrail, with average flat prices at around £226,000. This newly rejuvenated area is a haven for first-time homebuyers and is closely followed by Seven Kings in terms of affordable housing, with flat prices in that area averaging at just above £236,000.
Woolwich comes in third place on our list of cheapest areas to buy a house. This south-east London hotspot has recently seen substantial investments in property development, with thousands of new homes being delivered in the area.
The average house price in Woolwich is now at £438,000 and is expected to rise as the redevelopment of Woolwich Arsenal, a historic riverfront military site, into £1.2 billion Royal Arsenal Riverside, a housing development that comprises 5,000 new homes is underway.
Custom House is another notable addition to our Newham estate agents’ list of cheapest areas to buy a property along the Crossrail route. With average house prices at £454,000, this is still an affordable East London area. Property prices here are expected to increase substantially once the Royal Docks regeneration project is completed so an investment here would be a wise choice.
Approaching the £500,000 mark in terms of house prices, Seven Kings is an up-and-coming family-friendly East London neighbourhood where house prices average at about £497,000. The area’s average prices are, however, much lower when we look at flats, namely £237,000.
If you are looking for a new home in East London or along the Crossrail route, our experienced estate agents in Newham can provide exclusive listings and help you make the best deal for your budget and needs. Contact our experienced agents today at 0207 055 0441 to learn more.