With Bond Street station now open and more connections opening on November 6 on the Elizabeth Line, some areas of the capital have seen a 100 per cent uplift in prices, according to leading estate agents Winkworth.
Winkworth’s Chief Executive Dominic Agace highlights how areas such as Forest Gate, Abbey Wood and Manor Park in East London have seen a 100 per cent uplift over the past 10 years as a result of Crossrail,while Ealing has seen a 50 per cent uplift in prices since 2012. Dominic Agace also discusses how postcodes covering an Elizabeth Line station are showing a 14 per cent premium in the past year, in the latest episode of its Property Exchange podcast.
He told the podcast: “The most dramatic increases have been in areas where the transport links weren’t good before the arrival of the Elizabeth Line. There will be a secondary impact in areas such as Ealing in Zone 3 where family houses with a large garden command around £600 per square foot and it now takes 30 minutes to get to the City on the Elizabeth Line. There are prime suburbs in Zone 2, with an average price per square foot is £850, where it now takes longer to get to the City than from Ealing.
“Infrastructure always has a long-term positive impact on property prices. The Elizabeth Line will bring in 1.5m people to the capital’s business districts and it will have a halo effect on the areas close to the stations. In Ealing, the average house price is £700,000. Hanwell is one stop along where the average price is £500,000 so it will open access to a wider selection of buyers.”
Savvy buyers are already moving to Reading, where trains will connect directly with Liverpool Street via the Elizabeth Line from November 6, as well as its current fast link to the West End in 30 minutes. James Hathaway, who runs the Winkworth Reading office, said: “The Elizabeth Line is a game changer for people wanting to buy or rent a home in Reading and commute to the capital. Property is much cheaper than London. We recently had a couple who moved from West London with a £600,000 budget, enough only for a two bedroom flat in Chiswick where they were living. They purchased a beautiful four bedroom penthouse in Reading for the same price. You can get a studio from £125,000, a one bed flat from £140,000 and a detached four bedroom house from £600,000. Reading offers great value when you consider how close it is to London. It is the UK’s largest town and the Elizabeth Line opening should help it to achieve city status. The Elizabeth Line starts at Reading so the trains are empty, there are 24 trains an hour and they are beautiful and air conditioned. Other places nearby such as Twyford will also feel the effects.”
Rents in Reading have seen a 25 per cent increase in the past year. James told the podcast: “Demand is huge. When a flat becomes available, we will have 10 people to view within an hour. There are lots of companies in Reading, which is regarded as the Silicon Valley of Europe, with staff who need to rent homes here. The rise in rents in the town are keeping landlords in the sector at the moment despite the recent changes in taxation and regulation.”