Transport for London has promised that trains will start operating on the Crossrail line within the first half this year. Crossrail’s ability to create micro property booms has been a hallmark of its effectiveness. The price of homes near its stations is far higher than those in nearby areas. New research shows that key locations have seen a price rise of nearly 50% over the past five years, despite Brexit and the pandemic. However, there are still affordable options available in Crossrail, with prices around Abbey Wood hovering at a modest GBP350,000. The majority of these properties are located on the edge London: Chadwell Heath and Harold Wood, both on the fringes and West Drayton in the outer west London. The most central option is Woolwich, six-miles east of Canary Wharf, and in Zone 4, where the median price is GBP383,000. Prices have risen by nearly 42 percent to an average of GBP882,000. Prices have risen by almost 42 percent to GBP882,000 on average. However, prices in West Ealing, which is just one stop away, have seen 16.4 percent growth to GBP707,000. Hanwell has seen a 20% price increase to GBP597,000. Hayes & Harlington’s prices are up 36.3 per cent to an average of GBP412,000.In east London, Canary Wharf’s five year price growth has been 37.3 per cent, to an average of GBP640,000 although the pandemic and WFH have certainly hampered sales of its high rise apartments.Further out prices in Manor Park are up by 47.7 per cent to an average of GBP476,000, Chadwell Heath has seen prices rise 35.5 per cent to GBP363,000, Goodmayes’ prices are up 29.3 per cent to GBP427,000, and prices in Ilford have increased by 30.6 per cent to an average of GBP353,000.BEST VALUE AREAS TO BUY NEAR AN ELIZABETH LINE STATIONElizabeth Line stationAverage house price, Feb 2021Average house price, Feb 2016Five-year change (%)Abbey WoodGBP349,674GBP292,21119.70%IlfordGBP353,194GBP270,46330.6%Chadwell HeathGBP363,001GBP267,91535.5%West DraytonGBP369,753GBP308,33719.9%Harold WoodGBP375,672GBP319,92017.4%WoolwichGBP383,278GBP332,10615.4%Hayes & HarlingtonGBP411,750GBP302,02336.3%SouthallGBP422,679GBP285,51148.0%Seven KingsGBP422,869GBP326,98929.3%GoodmayesGBP426,541GBP317,38634.4%
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