With Crossrail due to open from December next year (when it will be named the Elizabeth Line), we asked property experts at Currell what impact it is likely to have on the East London property market and its local communities.
“All areas with a new Crossrail station will benefit to some extent from Crossrail in terms of increased property prices (i.e. out-performance relative to non-Crossrail areas).” says Nicola Almond, Head of Research and Marketing. “There are already clear indications that areas within a mile of planned station have seen faster price growth in recent years.”
“I’ve heard 5-10% above baseline growth mentioned since Crossrail construction started,” says Almond “but have yet to see any concrete evidence to back this up. Many of the areas which benefit most will be in East London, where connections are currently relatively poor. Key examples are Ilford, Romford and Chadwell Heath.
Government initiatives to grow the Build to Rent (PRS) sector will see many new purpose built rental developments located near to Crossrail stations, as tenants’ expectations in terms of connectivity continue to rise.
We can expect a significant number of these developments to be built on Transport for London land above or adjacent to existing (and new) Crossrail stations.
The addition of the DLR and the extension of the Overground network in recent years give a clear indication of how the visibility of an area in the public mind (ie getting onto the TfL map) as well as the reality of improved services can combine to boost property values. Key examples of this area the Docklands (specifically Canary Wharf) and Hackney (specifically Dalston and London Fields).”
Matt Cobb, Director of New Homes at Currell adds that “East London’s equivalent to ‘super prime’ is undoubtedly London Fields and the surrounding areas. The local demographic is early to mid 30s professionals – typically in mid to senior level management jobs or entrepreneurs in tech and creative industries and 100% domestic buyers. This is not an area of London which has attracted overseas buyers… yet!”
IMAGE CREDIT: By Sunil060902 (Own work) [CC BY-SA 4.0] via Wikimedia Commons