With prices rising along the route of the new Elizabeth Line, Sophie Vening reveals the best-value developments for first-time buyers:
Almost 50 years in the planning, the Elizabeth Line, or Crossrail as it was originally known, welcomes its first passengers today, following its official opening by the Queen Elizabeth last week.
Although it has had huge setbacks with long delays and overspend, one positive outcome for homeowners along the line is that, according to recent research by Hamptons, house values have increased over the past ten years.
‘Prices on Crossrail have risen around 30 per cent faster than the London average, with the Central and Eastern sections faring particularly well,’ says Aneisha Beveridge, Head of Research at Hamptons. ‘The promise of new connections alongside regeneration and new homes has boosted values.’
Despite the price growth, there are still some affordable pockets along the new Elizabeth Line. Here’s are our pick of the developments along the new route with affordable properties still up for grabs.
Burnham Court development by Chancery Homes in Buckinghamshire is
a 19 minute drive to Burnham Station, where the Elizabeth Line can take you to Liverpool Street in 66 minutes and 76 minutes to Canary Wharf.
There’s a handful of apartments still available to buy, with prices starting from £277,500 for a one-bed flat, with Help to Buy available.
Residents will have private off-street parking, as well the village high street on your doorstep with a range of shops, gastro pubs and a weekly fruit and veg, flower and local crafts market every Wednesday.
If you’re keen to live outside of the capital, but still require an easy and direct commute into the city, Fabric development by Oakford Homes and sold via Hamptons, is located on the outskirts of Maidenhead, Berkshire – just a five minute drive to the Elizabeth Line station.
Journey times, according to Citymapper, are predicted to take 71 minutes to Liverpool Street and 82 minutes to Canary Wharf.
The development, which will launch in June, consists of 51 luxury flats split between six individual apartment buildings designed around a central courtyard, with prices starting at £275,000 for a one-bed, with Help to Buy available.
With Canary Wharf flats costing on average £598,720 according to Hamptons, first-time buyers looking to get their foot on the property ladder needn’t be put off the typically high prices.
Legal & General Affordable Homes is delivering shared ownership properties at Hampton Tower on the South Dock, just a ten-minute walk to Canary Wharf Station, which will take you to Bond Street in 30 minutes on the Elizabeth Line.
Designed by architects Foster + Partners and developed by Berkeley Group, owners will benefit from landscaped communal gardens, 24-hour concierge service and bike storage, as well as all the restaurants and shops the area has to offer. Prices start from £116,250 for a 25 percent share of a studio flat, worth £465,000.
Need quick journey times to Canary Wharf, without the big price tag? Take a look at Abbey Wood in Thamesmead where flats in the area cost approximately £249,660, according to Hamptons, and journey times to Canary Wharf are set to take 11 minutes on the Elizabeth Line.
Helping first-time buyers to get on the property ladder while also lowering their carbon-footprint, is Peabody’s Southmere development featuring apartments with underfloor heating provided by a communal heat network to lower costs and carbon emissions, mechanical ventilation with filtration systems, smart meters to each apartment and eco appliances for energy efficiency.
Homes are available through Help to Buy and shared ownership, with prices starting from £91,500 for a 30 percent share of a one-bedroom apartment, worth £305,000. Help to Buy is available on all units under £600,000.
Just 8-minutes’ walk to Southall station, Evolution development by Network Homes is offering first-time buyers a chance to get on the property ladder via shared ownership, with prices starting at £95,625 for a 25 per cent share of a two-bedroom apartment, worth £382,500.
Homeowners will benefit from private podium level courtyard garden and communal space, plus its located close to the Grand Union Canal, so residents can take advantage of the tow-path walks, parkland and green spaces that surrounds the fringes of Southall.
Journey times will take approximately 36 minutes to Liverpool Street and 47 minutes to Canary Wharf,.
Cast study: Shenfield
At the other end of the Elizabeth line is Shenfield, a leafy suburb of Brentwood in Essex, which is set to have 12 services an hour, with journey times of 61-minutes to Paddington and 95-minutes to Heathrow Terminals 2&3.
Transport links was a main reason why resident Max Douglas bought his one-bed flat, worth £333,0000, at the Nola development by Fairview Homes in Shenfield in January earlier this year.
‘The amazing connectivity was a big factor in my decision to buy here. It’s essential that I can reach London with ease for work and with the new Elizabeth Line on the way, London is truly going to be on my doorstep, even more than it already is. I’ll even be able to get all the way to Heathrow on one line,’ says 33-year-old software salesman Max.
Average house prices in the area are a staggering £940,130, but homes at Nola, which is only a 15-minute walk to the station, start from £339,000, with Help to Buy available.
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