Demand to live on the doorstep of Crossrail has slowed as delays blight the £18 billion project.
House price growth has faltered within 500 metres of two thirds of the new stations, dropping most dramatically around Bond Street, Tottenham Court Road, Hayes & Harlington, Southall and Twyford, a Savills study shows.
“Much has been made of the Crossrail effect but really it is the big investors who buy land and homes to let early in the construction process,” says Lawrence Bowles of Savills.
“Homeowners tend to wait until large infrastructure projects are up and running.”
The easterly section of the Elizabeth line has been the most resilient, with residential areas in the immediate vicinity of Harold Wood, Seven Sisters and Brentwood all recording some of the highest house price rises from January to September this year.
Over time, over budget, over Crossrail?
Crossrail was once seen as London’s golden infrastructure scheme but this month its management team announced the full opening of the section will be delayed until 2021, with costs set to go £650 million over budget.
This takes the grand total, so far, to £18.25 billion, more than £2 billion above the original budget.
The delays will allow for more testing, the updating of complex software systems and safety trials. Nick Raynsford, deputy chairman of Crossrail, confirms Bond Street and Whitechapel will open with the rest of the central section in March 2021.
But don’t hold your breath. This is contrary to recent reports that put the completion of these two flagship stations behind the rest.
The former Labour MP, who came on board in January 2019, told Homes & Property last month the previous leadership team had been “over-confident”, and added: “With their initial success they developed a mantra that Crossrail was on time and on budget. This was not the case.”
Raynsford says the project’s reputation has been damaged. But price falls close to the majority of new stations are not simply the result of Crossrail fatigue.
Other factors include the London property market slowdown, the amount of regeneration and the number of new homes being built.
So, which Crossrail stations are best to buy near?
Falling house prices in tandem with a dip in enthusiasm for Crossrail may present a chance to buy along the Elizabeth line, with the areas wrapped in regeneration offering the most capacity for house price growth.
Southall
The transformation of Ealing is spreading west and has enveloped Southall. This, combined with the new Crossrail station and a pipeline of new homes will bring change to the tired high street.
House prices fell in the first three quarters of this year within a 500-metre radius of the station to £310,000 — but Southall is early in its regeneration journey and Crossrail will cut travel time to Bond Street to 17 minutes and 31 minutes to Canary Wharf.
The 88-acre Southall Waterside scheme by Berkeley Homes, the 25-year redevelopment of the old gas works, will bring 3,750 homes, public parkland, play spaces and piazzas and will unlock a kilometre of towpaths along the Grand Union Canal.
Time to buy? Falling house prices and a dip in Crossrail enthusiasm may present a chance to buy along the Elizabeth line (jasonhawkes.com)
New commercial space of 500,000sq ft in the town centre will include shops, cafés, a new cinema and leisure and community facilities, and there will be a two-form entry primary school.
Prices for one-bedroom flats start from £305,000. Call 020 3797 0803.
The West Works by Redrow is two minute’s walk from the Crossrail station. One- and two-bedroom flats start from £304,000 and Help to Buy is available.
Residents will also have cycle storage and 25-year car club membership. Call 020 8131 8399.
Woolwich
The run-down town centre has protected buildings, along with Sixties multi-storey car parks that the council plans to demolish.
Woolwich is set to become one of London’s best-connected spots. Already on Southeastern rail and the DLR, Crossrail will cut the trip to Canary Wharf to seven minutes.
Greenwich council has been awarded millions of pounds to spend on the centre of Woolwich after qualifying for the High Streets Heritage Action Zone scheme and has launched a bid to become London Borough of Culture 2021.
The regeneration of Woolwich town centre and the station is tied into the £1.2 billion 88-acre Berkeley Homes scheme, Royal Arsenal Riverside.
It will bring 5,000 homes, restaurants, retail and a creative district. Prices start from £485,000 for a one-bedroom flat at Navigator Wharf.
Residents will have access to the spa, pool and gym, 24-hour concierge and cinema. Call 020 8003 6633.
Forest Gate
House prices around Forest Gate station edged down from January to September to £351,278, presenting a chance to buy close to Crossrail in the sought-after East End.
Forest Gate station is surrounded by Victorian houses in the Woodgrange Estate conservation area.
New bars and eateries are opening in the railway arches and volunteers tend a community garden in Earlham Grove.
Crossrail will cut the journey to Canary Wharf from 23 to 12 minutes and to Bond Street and the West End from 28 to 19 minutes.
Stockwool architects have permission to build two four-bedroom semis and a terrace of five three-bedroom townhouses houses in Radlett Close off Romford Road.
The closest large scheme is the redevelopment of the former West Ham football stadium — the Boleyn Ground.
Upton Gardens will deliver 842 new homes with an on-site gym and rooftop terraces.
Prices currently start from £489,000 for a two-bedroom apartment. Call 03333 558496.
Abbey Wood
Abbey Wood is the first easterly stop of the central section of the Elizabeth line.
Bindu Batta has bought a one-bedroom flat at Erith Baths, within walking distance of the station.
£22,500: the amount of deposit Bindu Batta put down for her home in Abbey Wood
The 36-year-old scientist had been commuting from Surrey and now lives in touching distance of central London.
Using shared ownership she put down a deposit of £22,500 for a 40 per cent share of a £227,500 home.
Her journey into central London from Erith is easy and the last train back is 12.55am, “so I can still go out”.
Prices start from £73,125 for a 25 per cent share