Since the announcement of the Crossrail in 2007, properties at 60% of the stations along the Elizabeth line have seen higher than average house prices in the past 10 years.
Ahead of Crossrail’s first stage launch later this month, which will see trains running between Liverpool Street to Shenfeield, observant Londoners have spotted a brand new Elizabeth line train at stations, including Liverpool Street and Seven Kings. By September, around 11 new trains will be in use.
Reading
According to JLL’s latest report, Reading has experienced strong price growth over the last decade, more so than both the South East, and nationwide across England and Wales, but the area still offers value for money for potential homeowners. Research from Savills suggests that the launch of Crossrail will increase property values in Reading by 29.9% by the end of 2020.
Out of the 36 largest economic areas in the UK, the Good Growth for Cities 2016 Index (PwC/Demos) named Reading as the best place to live and work, using factors such as employment, skills, health and income as indicators. Reading is home to world-leading business such as Microsoft and Fujitsu, and Oxford Economics predict a 3% rise in employment in Reading to 2020.
Transport in Reading also means that residents are extremely well connected; London Paddington can be reached in just 26 minutes, and once Crossrail is fully open, Reading station will be served by two Elizabeth trains an hour, allowing passengers to go right through central London without the need to change trains. Tottenham Court Road will take just 55 minutes from Reading. Road users will appreciate the proximity of Reading to the M4, linking them to London, Bristol and further afield.
Research from crowdfunding platform Property Partner has shown that property prices in Reading have risen by nearly 60% over the last five years, from £192,547 in 2011, to £307,718 in 2016.
More and more developers are seeing the potential in building in Reading. Kennet Island from Berkeley is a development just three miles from the town centre with a frequent bus service to the station, so residents will be able to take full advantage of the new Crossrail once it’s been completed in 2019. Kennet Island offers one- and two-bedroom apartments, and three- and four-bedroom houses.
Another development, just 2.2 miles from Reading Station is Wellswood Park from Charles Church. This collection comprises 28 three-, four- and six-bedroom homes, ideal for families looking for a new home in the area. Residents will be able to walk to Reading centre, home to the Oracle Shopping Centre on the banks of the River Kennet, offering shops, bars, restaurants and cafes, as well as theatres and cinemas. Prices start from £680,000.
For families looking to make the move to Reading, the schools in the area are a huge incentive. For boys, Reading School is Ofsted rated “Outstanding” and is both a day and boarding school. Churchend Primary Academy is also rated ‘Outstanding” and Highdown School and Sixth Form Centre has been rated “Good” by Ofsted.
Reading Borough Council has recently approved a £500m landmark development, Royal Elm Park, adjacent to Reading Football Club’s Madejski Stadium. The development will have a world-class convention centre, retail, leisure and hotel space, as well as an investment in public transport for visitors, both on match days and non-match days.
Royal Elm Park will also provide more than 600 new homes. A range of one-, two- and three-bedroom homes will provide much needed housing, creating a new community with the Madejski Stadium at the heart.
Nigel Howe, chief executive of Reading FC, says: “This is a huge boost for Reading, and will deliver a step change in the city’s ability to host international, large-scale conferences and events, which the business community here has long sought. But the scheme delivers more than that. It delivers a new and reinvigorated destination for businesses and the Reading community, and will significantly enhance the match-day experience for our supporters, the driving force behind the Club’s success.”
Twyford
Just a few miles down the road from Reading is Twyford, around 35 miles from London. Twyford is an area becoming more popular with commuters due to The Great Western Main Line being electrified, with new trains due to start, a direct line to Heathrow Airport being planned, and Crossrail reaching Twyford in 2019.
From December 2019, two Elizabeth line trains with take passengers from Twyford through central London on direct trains. Travel to Bond Street will be just 48 minutes, instead of 1hr 6 minutes, and Canary Wharf will be reachable in just 62 minutes, 21 minutes faster than the current journey time.
The average house price in Twyford in 2015 was £306,295, which rose to £350,823 in 2016, an increase of 14.5%.
As well as being popular with commuters, Twyford and the surrounding areas are a magnet for London’s elite. George and Amal Clooney, Theresa May and Jimmy Page all have homes in nearby Sonning. In line with the premium feel of the village, developer Millgate has unveiled its Birchley development on the outskirts of the village. Birchley is made up of four five-bedroom homes, accessed through a gated entrance, each set in private gardens.
Sales and marketing director for Millgate, Jonathan Cranley says: “This corner of Berkshire has become an enclave for the elite and Sonning in particular is delightful with its arched bridge over the river and historic houses. There are a significant number of discerning buyers out there eyeing up property in the area and for many there is great appeal in buying a new home, where the spec and finish are state-of-the-art and they can simply move in without needing to undertake refurbishment.”
A report from property consultant CBRE predicted that prices around Elizabeth line stations would increase 3.3% per year above local house price growth until the line is completely launched.
Romford Gidea park and Chadwell Heath are other areas that have benefited from the Crossrail Regeneration.