Property Prices Set To Boom As New Rail Line Links West And East
Property owners living in Romford and other areas of Essex near the Crossrail line linking the county with parts of Buckinghamshire, Berkshire via central London are set to see values of their homes soar. Prices are already climbing as parts of the line are completed, and forecasts for Essex locations on the route such as Romford, Harold Wood, Brentwood and Ilford indicate prices could rise by over 30% thanks to the new rail link.
What is Crossrail?
It’s a high-speed rail service designed to increase the capacity of the London and district transport system and will run for over 60 miles from Shenfield in Essex and Abbey Wood in the east through to Reading in the west including a link to Heathrow. It includes a thirteen mile stretch underground through central London, and will open in stages with the entire line becoming operational by December 2019.
Once completed, the link will take on its official name – the Elizabeth Line, named in honour of the Queen – and will appear on the underground map as a light purple line. It’s one of the biggest engineering and construction projects in British history and will cost £14.8 billion.
The line will run 24 trains an hour in each direction during peak hours and will carry some half a million passengers a day.
The section from London Liverpool Street to Shenfield will open in May 2017.
Why Will Property Prices Rise In Parts Of Essex?
Quite simply because transport links are going to be improved; if the Crossrail service works well, then it would be possible to travel from, say, Romford to Heathrow far more easily than the various line changes and time taken presently. As journey times shorten and potential destinations within reach increase, home buyers are attracted to more ‘commutable’ areas causing property prices to rise.
Over the past year prices soared by just over 27% in Romford with similar increases in Harold Wood and Ilford. You can find all the latest homes for sale in Romford here.
According to residential research experts JLL, all areas on the Crossrail route will experience significant rises. This interactive tool from JLL shows various forecasts for all areas on the Crossrail route and is updated regularly; Woolwich in south London is forecast to be the highest growth area at nearly 40% and all the Essex locations on the Shenfield to Liverpool Street (the Eastern Section) show minimum rises of 30%.
Romford Benefits From Crossrail
When Crossrail is fully operational, twelve trains an hour will connect Romford with central London to add to the area’s already excellent transport links including nearby A road and motorway routes. The railway station will be significantly upgraded to cater for the extra train services and increased passenger numbers; new lifts, platform extensions and general facilities will be implemented.
Havering Council is committed to helping the area fully benefit from Crossrail and use it as a gateway to attract not only new residents but to add to the 20 million-plus people who visit this corner of Essex already. For example, historic Romford Market is being upgraded with physical changes and improved facilities such as Wi-Fi connectivity.
A commitment to cooperating with developers in providing “good quality” housing projects has been made as is a pledge to secure funding packages to assist in the regeneration and future growth of Romford.
There are hopes that more businesses will locate themselves in Romford on the back of the improved transport links Crossrail will provide; increased housing development would add further to the area’s appeal and provide homes for an influx of new residents.