The Elizabeth line: it’s the new, purple Tube line with the royal seal of approval. Rightmove recently reported that asking prices for homes along the ‘Lizzie line’ have soared by up to a third in the last 12 months, and they’re continuing to rise, with analysts predicting average price increases of £133,000 between now and when the line launches in 2018/19.
If you’re planning a move to take advantage of the line, here’s a list of top property hotspots…
Forest Gate is located on the southern edge of Epping Forest, and neighbours Stratford and Leytonstone. It has enjoyed significant gentrification over the past few years, thanks to the Olympic Games and the opening of Westfield shopping centre, and now the anticipated arrive of Crossrail is gentrifying the district even further. The transport links definitely appeal to potential buyers. There’s an Overground train to the City that takes 13 minutes, and when the Elizabeth line opens, locals will be able to catch a train to Tottenham Court Road in just 17 minutes. The Zone 3 district also offers a wealth of affordable, Victorian houses, and is a haven for investors and first-time buyers. The average price of a two bedroom property currently stands at £275,000. Portico London estate agents predict property prices to rise by 10% by the time Crossrail is complete.
Tottenham Court Road
Described as the epicentre of the project, property prices around Tottenham Court Road have increased by around 20% since works on the station began. The area is currently undergoing a huge £1 billion redevelopment programme, which will deliver new residential, office and retail space, new squares, paths and greenery, and attract new businesses and customers. Due to the recent stamp duty increase for second home buyers and investment purchasers we have seen prices stabilise, however, we still anticipate a slight growth of around 2-5% over the next two years.
Farringdon is set to become one of Britain’s busiest train stations, and the only station from which passengers will be able to reach three London airports, plus access Crossrail, Thameslink and Underground trains. Lucy Adamson, Sales Manager, Portico Bloomsbury Estate Agents, said: ‘Investing in central London in the areas around Tottenham Court Road such as Fitzrovia and Bloomsbury and towards the City in Farringdon have not been considered risky but rather stable in terms of the potential for assured capital growth in recent years, increasing on average by 5% every year in value. The Farringdon area guarantees to produce a good return in rental income, due to the continuously increasing demand to live in central areas close to the commercial and transport hubs and Universities – and landlords in the area experience, on average, only a 1 week void period between tenancies.’ The desirability of the area is being enhanced by the Crossrail development, which will improve connections to these areas from outer areas of London, and encourage further investment and economic growth.
Thanks to regeneration and slashed journey times, the areas on the western part of the new line have seen huge property price growth. Acton Main Line, with journey time savings of about half an hour, is definitely one to watch. Transport infrastructure and regeneration is making a real difference to Acton, and there are some extremely desirable areas to live, such as Poet’s Corner, the Mill Hill Conservation Area, or anywhere along the Bedford Park borders due to the recent demolition of the South Acton Estate. The area directly around the imminent Crossrail station is also extremely sought-after. A huge numbers of savvy buyers have already put down roots in the area, and the average two bedroom, purpose-built property stands at a reasonable £400,000. We expect property prices in Acton to have risen by at least 15-20% by the time Crossrail is complete.
Ilford will finally be on the Tube map as a result of Crossrail! Though it’s not considered one of the most elegant places to live, it’s certainly becoming gentrified as a result of TfL’s transport plans. New build apartments, trendy eateries and bars are shooting up in the east London borough, signalling that a wave of new buyers will soon be moving in. It’s one of the best-value areas in London, and though property prices have been rising since the announcement of Crossrail, the average price of a two bedroom property in the area is still a reasonable £280,000. Portico London estate agents predict property prices to rise by 10% in the run up to Crossrail completion, and expect the area to prosper as a result, so it’s a brilliant place to both live and invest.
Romford is becoming an increasing popular choice for homebuyers, as many are being driven out of the capital because of rising property prices. The Essex town offers affordable housing, (the average price for a two bedroom property is £227,000), a quick commute, (you can get to Liverpool Street in 20 minutes), and a wealth of trendy cafes, delis, late night bars and independent shops and boutiques. House prices have already reached record highs in the area due to infrastructure plans, but we predict they will continue to soar until Crossrail is fully operational in 2019.