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What does the delay in Crossrail mean for property prices along it?

October 10, 2018

Beginning construction in 2009, the Elizabeth Line was due to open at the end of 2018. Last month the government announced a delay of 9 months on the project, meaning the earliest we’ll see the new stations open will be Autumn 2019. 

But what does this mean for investment opportunities along the line?

Price growth at stations so far

Along the line there has been some significant property growth with over half of the stations having price growth of over 20% over the last three years. These hotspots along the line show changing prices, according to Rightmove Sold Prices.

  • Brentwood: Average property prices here are £496,494 which is 26% up from 2015.
  • Seven Kings: Average property prices here are £404,356 which is 21% up from 2015.
  • Whitechapel: Average property prices here are £734,993 which is 24% up from 2015.
  • Acton: Average property prices here are £611,255 which is 10% up from 2015.
  • West Drayton: Average property prices here £366,792 which is 18% up from 2015.
  • Taplow: Average property prices here are £689,736 which is 22% up from 2016.

Property pattern predictions

Mark Lawrinson, Regional Director for Portico says, “Crossrail being put back gives people longer to get into the areas. There will be further growth and this will outpace surrounding areas as people find the added transport links enables them to commute with greater ease from areas that are more affordable to live than Central London.

We are all keen to see Crossrail open as it will bring continued growth in the infrastructure and developments of many of the areas that it will operate through. Therefore, knowing this growth is to come, it’s great that buyers have been given a little more time to get a property at a reasonable price before these areas grow into hotspots.”

Why now is a good time to invest

With the finishing line in sight, buying now has many benefits for both buyers and landlords.

Buyers now have a chance to peruse the market and wait for the right property to come along before completing their purchase before the opening of Crossrail next Autumn, when demand will inevitably rise.

Landlords too benefit from the extra time. Demand for rental properties over the next 12 months will only improve as commuters in East London are now connected to Gatwick so efficiently and areas like Reading are offering high speed rail access into London.

Explore some properties currently on the market in these areas. This £530,000 two bedroom flat, a short walk from Whitechapel, is great for young commuters or for a buy-to-let investment. This £725,000 four bedroom house in West Acton is great for a family or house sharers commuting into London. And this £300,000 two bedroom flat in Seven Kings would be a great buy for first-time buyers. If you've got a property in one of these areas and would like a free, 60 seconds up-to-date valuation, then please click here.

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