New homes snapshot – Crossrail an attractive factor in Ealing’s new build market
Posted 29 September 2016 by Keith Osborne
The London Borough of Ealing is one of the biggest beneficiaries of the new Crossrail link (formally known as The Elizabeth Line) currently under construction, with no fewer than five stations taking the new, fast connection across central London, and local housing markets benefitting as a result.
The line, running from Reading in the west to Abbey Wood and Shenfield in the east, goes right through the heart of the borough, with stops at Acton Main Line, Ealing Broadway, West Ealing, Hanwell and Southall offering the new route through the heart of the capital from 2019.
The borough council’s Development Strategy, adopted in 2012, sets a target of 14,000 new homes across Ealing in the 15 years to 2026, with “the majority of housing…planned for sites located along the Uxbridge Road corridor close to the new Crossrail link”, underlining the new transport facility’s importance to the borough’s ambitions.
Research last year from Knight Frank reported that “80% of Londoners said proximity to transport links was a key factor when deciding where to live”, underlining how high the project is likely to be in potential homebuyers’ minds. Already, the prospect of these speedy connections (an 11-minute journey from Ealing Broadway to Bond Street will halve the current time) has been attracting homebuyers and buy-to-let investors to new homes being built close by.
Recent research from Savills reports Ealing’s property market performing more strongly than other prime west London areas (up 6.7% in the year to March 2016, compared to 4.2% on average). The research also shows 32.6% of households in the borough are in the private rented sector, much higher than London’s average 25.1%.
The report says that while the new rail link is a major factor, other reasons have also attracted developers to the area, including its numerous green spaces, some excellent schools and an established town centre, with the regeneration of the latter also set to bring a new range of properties to market for sales and rental as well as improving the retail and leisure options for local people.
New homes currently for sale in Ealing:
The current range of homes for sale by St George at Dickens Yard are the Vista Apartments, priced from just under £2m, boasting views over landscaped gardens and the London skyline. The final phase, coming soon, is known as the Elizabeth Apartments and will offer a range of two- and three-bedroom apartments as well as a duplex penthouse. The scheme includes a spa and fitness suite for residents as well as a 24-hour concierge service.
Foxtons/Simon Scott are currently marketing The Avenue, with a collection of five homes from £2.35m. These four-storey townhouses are situated on a tree-lined residential street and their impressive exterior design is matched by the high-quality specification throughout. These homes also offer private gardens and driveways for off-street parking.
Housing association Genesis is providing an affordable way to get on the property ladder in the borough its its Madeley Road development, where a range of one- and two-bedroom apartments was launched under Shared Ownership last month. The specification includes integrated appliances to the chic fitted kitchen and fitted wardrobes to the master bedroom. Prices start from £113,500, based on a 25% share of the full market value of £454,000 for a one-bedroom apartment.
Thirty-three more Shared Ownership apartments were launched in August at Acton Gardens, with L&Q’s prices starting at £105,000 for a 25% share of a one-bedroom property. For those that want to buy their home outright, the Help to Buy scheme is also available. This huge scheme will be delivering over 2,800 new homes over the next few years to regenerate the South Acton Estate, with the homes sharing extensive landscaped gardens and parks as well as a new shopping plaza and youth centre.
FABRICA/Rydon formed a joint venture to bring Jigsaw to the market, a 770-unit, Conran & Partners-designed development covering five acres and integrating landscaped green spaces, a café, a new primary school, sports facilities and other amenities alongside the range of new homes. The current choice of one-, two- and three- apartments are priced from £440,000 to £860,000.
And not too far from Ealing, find out how an Acton buyer feels he has got a great living and investment opportunity in Acton, also on the Crossrail.