Crossrail aka the ‘Lizzie Line’ and affordability
Nicknamed ‘The Lizzie Line’, the new £15bn Elizabeth Line by Crossrail is due to be completed by December 2018, and stretches from Reading through to Shenfield, stopping at 40 stations along the way. These 40 stations are expected to consist of 10 new stations and 30 upgraded existing stations, carrying approximately 200 million passengers per year, and providing investment and infrastructure into the local property sector.
With this new railway comes faster commuting times for London workers, and higher demand for homes along the route, resulting in fantastic opportunities for investment in areas such as London’s Docklands and further afield.
Higher demand almost always pushes prices up, but there are still areas of affordability along the route that are definitely worth taking a look at:
Placed in Essex and three stops closer to London than popular Brentwood, Romford is favoured amongst first-time buyers. With its vibrant town centre and local shopping centres, and just a short commute into buzzing central London, Romford is a great location for first-time buyers, and at these prices, is a great first step on the housing ladder.
In 2018, it is predicted that investment in the Railways will bring the commute from Woolwich to Canary Wharf down from 18 minutes to 8, with 12 services an hour.
Berkeley Homes has applauded the much-welcomed investment from Crossrail, citing that it is livening up the region by driving down the route prices, and having a big effect in terms of new developments and interest.
3) West Drayton
When the new Crossrail investment reaches West Drayton in 2019, commutes will be as little as 37 minutes to Canary Wharf and 23 to The West End. Property development companies are excited about the new properties and land coming up for sale, and demand for properties here is increasing all the time.
Just 17 minutes to London Paddington, Slough has long been a commuter belt of sorts. With the new investment by Crossrail though, this is expected to bring 1.5 million more people within the 45 minute commute to Central London’s popular business and working districts such as Canary Wharf.
Sources & further reading:
First Time Buyer Magazine