Launch of Elizabeth Line: Cheapest Places to Buy a House or Flat on Crossrail

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The Elizabeth line was launched, delighting commuters, businesses and homeowners who have eagerly anticipated the completion of Project Crossrail with its promise of new, high-speed connections from eastern and western neighborhoods to central London stations.

While the Crossrail Effect – the term for price increases of micro-properties near Elizabeth line stations – has caused some Crossrail areas to see a massive 10-year price increase, other Crossrail locations are now in the spotlight. as average house prices are still well below the £500,000 mark.

The price of a home in London now averages £523,666 according to the Office of National Statistics, so those looking to buy a home now that the train service is finally up and running – nearly four years behind schedule – could be doing worse than looking in the cheapest areas on the roadmap.

Of course, there is much more investment in some areas around the line’s 41 stations than others: Woolwich in south east London has spent billions on new homes with more developments on the way, while Seven Kings in east London has not much left. seen. than a drive upgrade.

The cheapest areas are all in the east and south east of London on the Elizabeth line, with average houses under £500,000 and flats under £250,000. This is where you start your search.

Abbey Wood, South East London

The cheapest place to buy a house along the Elizabeth line is Abbey Wood in south east London, where prices are £388,410. It is also the fifth cheapest Crossrail location to buy a flat with an average price of £249,660.

Table: the cheapest Crossrail locations by average house price

London area

Average house price

Abbey Wood

£388,410

Chadwell Heath

£414,750

Woolwich

£438,380

Hayes and Harlington

£442,534

adapted house

£453,900

Seven Kings

£497.440

Abbey Wood has seen one of the strongest price increases along the Crossrail line in the last decade. Part of the reason prices are rising is that Thamesmead redevelopment has begun. Peabody housing association, which owns most of the estate, is spending more than £1 billion transforming the estate into a thriving new neighbourhood.

Project Thamesmead is still in its infancy. It is expected that by 2050 there will be approximately 20,000 modern homes surrounded by some 600 acres of open space, five lakes and more than five miles of canals.

Chadwell Heath, East London

The second cheapest place to buy a house on Crossrail is Chadwell Heath, on the eastern part of the line, where houses cost an average of £414,750. This East London outpost is the cheapest place to buy a flat on the Crossrail network with average prices of £214,120.

Barking and Dagenham Council remain optimistic that Crossrail will bring investment into Chadwell Heath. Last year, architects were commissioned to create redevelopment plans for the entire area, which will include more than 4,000 new homes, shops and restaurants, modern schools and open spaces.

A CGI of the Chadwell Heath redevelopment plans. A developer would need to buy into the idea before plans progress any futher

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A CGI of Chadwell Heath’s redevelopment plans. A developer should accept the idea before the plans move forward

Municipality of Barking & Dagenham

But the proposals will not be translated into reality until a developer with a lot of money buys the idea and gives the necessary money.

Table: the cheapest Crossrail locations based on average fixed price

London area

Average fixed price

Chadwell Heath

£214,120

Ilford

£225,990

Seven Kings

£236,850

Goodmayes

£243,390

Abbey Wood

£249,660

Plans to redevelop the dilapidated Chadwell Heath Baptist Church and convert part of it into flats were approved last year. And The White Horse, a fire-damaged and semi-derelict pub currently destroying the main road, could also be rebuilt with new houses around it.

Woolwich, South East London

Woolwich ranks third on the list of cheapest places to buy a house (average prices are £438,380), but is not in the top five cheapest places to buy a flat. Largely due to the thousands of new homes, mostly apartments, in the area.

Woolwich Arsenal, the historic military site on the river, is being redeveloped into Berkeley Homes’ £1.2 billion Royal Arsenal Riverside project.

In 2006 a building permit was granted for this monster project with 5,000 homes. Since then, 3,500 new homes have been completed and the whole site is dotted with food and beverage outlets such as Boulangerie Jade, bringing a touch of Parisian cafe style to south-east London, SALT Woolwich, for superior pizza and beers, and new pubs such as Guard House.

There is a regular farmers market in Major Draper Street, a four-acre park, and Woolwich Works, a newly opened arts centre.

Prices are above the area average, at £502,000 for a one-bedroom flat to £732,500 for a three-bedroom flat, but further inland prices fall dramatically.

Woolwich Arsenal, the historic military site, is being redeveloped into the £1.2bn Royal Arsenal Riverside

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Woolwich Arsenal, the historic military site, is being redeveloped into the £1.2 billion Royal Arsenal Riverside

Daniel Lynch

Custom House, South East London

Fifth on the list of cheapest places to buy a house is Custom House (£453,900). Crossrail will transform the area’s transport options, currently limited to a stop on the Docklands Light Railway and a river bus.

But the real beneficiary of this new Crossrail station is the Royal Docks, just to the south, which are emerging as one of the most exciting refurbishment projects in London.

As the regeneration progresses, more locations will appear, along with public plazas and gardens, and the docks are planned to be lined with bars, restaurants, public plazas and waterfront gardens. There will also be new offices, sports facilities and brand new schools.

Seven Kings, East London

Buying a house in East London’s Seven Kings costs an average of £497,440, making the area the sixth cheapest Crossrail place for houses, while a flat costs around £236,850 – the third cheapest place to buy an apartment. to buy.

There have been no large-scale housing projects, no trendy artisan cafes, no new art venues. Perhaps because – unlike other stops along the line – there were no acres of unloved industrial land to build on, and there was nothing very wrong with this pleasant and family-friendly suburb to begin with.

The planning pipeline for the area is quite run down, although Redbridge Council is backing plans to redevelop a council-owned car park on the main road into just over 200 flats plus some form of health centre. There is no start date for the work yet.

There are a few streets of Victorian houses, around Meads Lane, although these are rarely available and pick up quickly. Overall, prices have risen just over five percent in the past two years.

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