Real estate in Maidenhead has risen by 45pc, that in Romford by 44pc and Ilford by 42pc. The average price for homes within 1km of Southall’s proposed Crossrail station has gained 62pc over the last five years. “There needs to be another, higher value area nearby from which it can draw demand, or there needs to be a high concentration of attractive housing stock,” he says, nodding to Abbey Wood, Whitechapel and Southall. Lawrence Bowles at estate agency Savills said developments such as the Docklands Light Railway, where there were previously few transport options, have had the fastest house price inflation. Many suburban areas now close to Crossrail stop-offs - and in close proximity to desirable locations - have seen similar upticks in house prices. To get that forthcoming commute time elsewhere he would have to live as centrally as St John’s Wood, where a similar five-bed home would cost roughly £5m. Once launched, Crossrail will slash Sinha’s travel to his office in Mayfair to a third of the 45 minutes it currently takes. “We were very much motivated by Crossrail to move to that area,” says Sinha, 42, who estimates the value of his home has risen by about 25pc in value over the last year. As Crossrail’s “dress rehearsal” begins, housing markets nearby to its stations are set to emerge as winners after years of delays and a budget far overrun.ĭespite uncertainty over when the new rail line across London might materialise, buyers of property along the route say their investment has paid off as Crossrail proves a boon for less affluent suburbs home to commuters wanting a faster journey to work and more bang for their buck.Ĭommercial property investor Sayu Sinha moved from Notting Hill in 2019 - one year after the original launch date - to near Crossrail’s West Ealing station where he could afford a bigger home.
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