Finally, on 24 May, CrossRail will open. Named The Elizabeth Line, the stats are extraordinary and impressive. An £18.7 billion infrastructure project for a 62-mile-long railway line with stations stretching from Reading in the west to Shenfield and Abbey Wood in the east. It has taken 20 years to bring the project to fruition with the inevitable overspend running into billions. Once open, it will increase the London rail network’s capacity by ten per cent.
Now, if you’re expecting the whole line to open all at once, you’d be mistaken. The central section will open offering a train service between Paddington and Abbey Wood. The Bond Street stop won’t open for another three months. In fact, the route won’t operate as a single entity until 2023.
By the end of this year, it’s expected that trains will run from Reading and Heathrow through to Abbey Wood and from Shenfield in the East to Paddington. And there lies the opportunity. When the line does open, it’s likely that property markets around the new stations will bump up. And the line to the West will be the last section to open and therefore will probably experience a delayed property market uplift.
Could this be an opportunity to invest? Looking at historic data, over 20 years, according to research by the property advisory from CBRE, homes within 500 metres of a tube station rose by, on average, 2.1 per cent more than the local authority average for the area. The research also shows that it’s not a one-off bump either but that prices remain consistently high.
The Elizabeth Line will open up areas previously in the doldrums. In central areas and to the east, rises have already been seen in anticipation. Looking to the west, Reading, Twyford and Maidenhead could all see a rise. But the delay in opening the line has focused minds and buyers onto other markets.
Reading itself is a complex market. It’s skewed by demand from the University and student accommodation. You’ll be wise to avoid those areas unless you can cope with hordes of students and their parties.
With average house prices in London heading towards £700k, there’s plenty of scope for getting more for your money further out with bolstered transport connections back to the capital. In central Reading, near to the station, there’s a sympathetically modernised house that’s ready to move into. Three bedrooms and two bathrooms. It’s listed at £625k.
If you’re on a more modest budget, you’ll still find period property options in the form of a Victorian terrace. £425k will get you a two up, two down within easy reach of the station. At around £500 per sq. ft of accommodation, through the prism of London prices, that’s value.
However, it’s when you leave the central area that you will find real opportunities. If you’re prepared to leave the town centre, but within three miles of the station, £800k will buy you a rural retreat that’s picturesque with a garage, cabin, and a range of accommodation. It will certainly suit working from home. Commuters have already discovered the delights of riverside village Sonning and Wargrave where average house prices are both over £600,000. However, Whistley Green to the south of Twyford is marginally more affordable with an average price of £535,000.
If you are prepared for a rural life (but still under four miles from Reading Station), a four-bedroom house with two bed annexe (perfect for that home office) and an acre of gardens could be yours for just over £1.5 million. But look at what you get for your money.
Then there’s Twyford, to the east of Reading. It’s on the new line, where there will be two trains an hour into London Paddington, taking just 45 minutes. Situated just 1.5 miles from the station is a refurbished period house that could make for a lovely family home. And there’s some outbuildings to use too. At £700k, it’s good value.
Right in the town’s centre, very close by to the station, there’s a Victorian terrace for sale at £650k. This bracket of property would set you back considerably more in a London location. And it’s been refurbished too.
Closer to London still is Taplow – a Berkshire village made famous by Cliveden House that will also boast a CrossRail station. This three-bed property on the market for £1 million offers access to a tennis court and six acres of communal grounds on top of its own private garden.
For my money, though, I’d probably opt for Maidenhead. Far enough away from London and any other main centres to have its own identity but old enough to have some characterful properties available. There will be two trains an hour into London off peak, and four at peak times.
At less than half a mile away from the station, a characterful period house that offers plenty of architectural features and flexible living accommodation. £950k for a 1,500 sq. ft property with driveway and garden makes it a very tempting prospect.
On a smaller budget, still less than two miles from the station, a Victorian cottage could be yours for £525k.
Still under a mile away from the station, a spacious gated house with gardens and garaging awaits. £1.695 million will buy you over 3,000 sq. ft of accommodation.
The Elizabeth Line will change our markets, again. Locations once thought inaccessible will open up. Properties within accessible distances from stations will be the most likely to rise in value. Buy early and you’ll get more for your money, even if it’s a little inconvenient until the new line opens. After all, buyers often ignore locations until the opening of new infrastructure has taken place.
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