Elizabeth line launch: The cheapest places to buy a house or a flat along the Crossrail route

Today’s launch of the Elizabeth line is a joy for commuters, home-owners, and business owners who have waited years eagerly for Project Crossrail’s completion. It promises new, fast connections between eastern and western London neighborhoods and central London stations. Crossrail effect, which refers to micro property price booms around Elizabeth line stations, has led to some Crossrail areas experiencing dramatic 10-year price increases. However, other Crossrail locations are currently in the spotlight because their average house prices are still well below the?500,000 mark. According to the Office of National Statistics, the average price of a London home now stands at?523,666. This means that those looking to purchase a home in London now that the service is up and running can look elsewhere for the best deals. Woolwich, south-east London, has seen billions of dollars spent on new homes, with more developments on the horizon. Seven Kings, east London, has seen little more than a station upgrade. The Elizabeth line’s east and south-east London sections are the most affordable, with average homes under?500,000 and flats below?250,000. Here are some places to start your search. Abbey Wood, south east LondonThe cheapest location to buy a house on the Elizabeth line is Abbey Wood, which has prices of?388,410. It is also the fifth-cheapest Crossrail location to purchase a flat, with prices starting at?249,000. Table: the cheapest Crossrail locations by average house priceLondon areaAverage house priceAbbey Wood?388,410Chadwell Heath?414,750Woolwich?438,380Hayes and Harlington?442.534Custom House?453,900Seven Kings?497,440Abbey Wood has seen some of the strongest price growth along the Crossrail line over the past decade. The redevelopment of Thamesmead is one reason why prices are rising. Peabody, the housing association that owns most of the estate, has spent more than?1billion to transform the estate into a vibrant new neighborhood. Project Thamesmead, which is still in its infancy, is a very young project. It is still in its infancy. The average price of a flat in this east London post is?214,120. Barking and Dagenham Council remain optimistic that Crossrail will attract investment to Chadwell Heath. It commissioned architects to create redevelopment plans for the entire area. A developer would need to buy into the idea before plans progress any futher / Barking & Dagenham councilBut its proposals won’t be translated into reality until a developer with deep pockets buys into the idea and provides the necessary cash.Table: the cheapest Crossrail locations by average flat priceLondon areaAverage flat priceChadwell Heath?214,120Ilford?225,990Seven Kings?236,850Goodmayes?243,390Abbey Wood?249,660Plans to redevelop the tatty Chadwell Heath Baptist Church and convert part of it into flats, were approved last year. The White Horse, a semi-derelict pub that was damaged by fire, could be rebuilt with new homes. The area is home to thousands of new homes, mostly apartments. The Woolwich Arsenal, a historic riverfront military site is being redeveloped as the Berkeley Homes’?1.2billion Royal Arsenal Riverside development.READ MOREWhere you can live on Crossrail: New homes, house price growth, and the latest journey times to central London via Forest GateElizabeth Line map. What we know about the London Crossrail route, opening dates, and what we know so much. Planning permission was granted in 2006 for the massive 5,000-home scheme. The site has been home to 3,500 new homes. There are also many places to eat and drink, such as Boulangerie Jade. SALT Woolwich is a new place to eat and drink in south east London. It offers superior pizzas, beers, and new pubs such as Guard House. There is a farmers market on Major Draper Street and Woolwich Works, which are both four-acre parks. Prices for one-bedroom flats range from?502,000 to?732,500 for three-bedroom apartments. However, prices in the inland areas drop dramatically. Woolwich Arsenal, a historic military site, will be redeveloped into the 1.2bn Royal Arsenal Riverside/ Daniel LynchCustom House in south-east London. Custom House (?453,900) is the fifth-cheapest place to buy a home. Crossrail will transform the area’s transportation options. The historic military site of Woolwich Arsenal is being redeveloped into the?1.2bn Royal Arsenal Riverside / Daniel LynchCustom House, south-east LondonCustom House (?453,900) is the fifth most affordable place to buy a house. New offices, sports facilities and schools will be built. A house in Seven Kings, east London, will cost?497.440 per annum, making it the sixth-cheapest Crossrail spot for homes. A flat will cost?236,850, making it the third-cheapest place to purchase an apartment. There have not been any big-bang housing developments. Perhaps because there wasn’t a lot of industrial land available to build on. This is a good thing. Redbridge Council supports plans to redevelop a car park owned by the council onto 200 flats and establishing a health centre. The work has yet to begin. There are a few Victorian houses around Meads Lane. However, these are often scarce and quickly snapped up. Prices have increased by just 5% in the last two years.