The Elizabeth Line celebrated its first anniversary this week, rolling out its full timetable with direct services from Essex to Heathrow for the first time. Since opening for business, the £20 billion route has transformed journeys for hundreds of thousands of people living and working in the capital.
With work having started on the project in 2009, the ‘Crossrail Effect’ — and resulting micro property price booms near new Elizabeth line stations — really gathered pace as it became increasingly apparent that the service would reach completion.
Yet, despite the vast 10-year price growth recorded in some Elizabeth line locations, and with average asking prices in the capital now £696,477 according to Rightmove, there are still pockets of value to be found.
Thirty-five of Crossrail’s 42 stations are in districts where typical house prices are below the London average.
Reading station is the cheapest spot to head for, with average asking prices at £299,1113 last month, according to Rightmove.
Although it takes almost an hour to reach Paddington from Reading by Elizabeth Line, a journey that can be done more quickly by national rail, the frequency of service is still a big bonus for residents of the Berkshire town — as is the no-change route through to the City and Abbey Wood.
Five cheapest areas near Elizabeth Line stations
Average asking price for home in immediate area in April 2023
Heathrow Terminal 4
Harry Buck, senior negotiator at Parkers estate agents in Reading, said many properties regularly come up for sale in the town centre.
“We have just listed a one-bedroom flat for £190,000 that is just a three-minute walk from the station,” said Buck.
While many buyers come from within Reading itself, or Oxfordshire to the west, others flock from the suburbs of the capital, and Elizabeth Line services are generally “busy” with commuters, added Buck.
Anyone looking to pick up a place to live must compete with investors eyeing an opportunity to capitalise on high rents in the area, he warned: “There is massive demand.”
Slough Station is the next most affordable stop to househunt on the line, according to the new data, with typical asking prices dropping by almost 10 per cent in the last year to £347,499.
With 38-minute no-change journeys to Tottenham Court Road, Elizabeth Line users living in this area can realistically get home from Soho inside an hour and with minimum fuss.
But it’s not just in west London that the opportunities remain. Abbey Wood and Chadwell Heath, either side of the river to the east of the capital, remain the third and fourth cheapest places to buy on Crossrail, according to Rightmove.
Houses close to Heathrow Terminal 4, which buts up against the A30 and communities in north-west Feltham, also typically come in below £400,000.
Central London properties are, unsurprisingly, the most expensive, with Bond Street leading the way at an average local asking price of £2.3 million.
Homes close to Liverpool Street, Farringdon, Paddington, Tottenham Court Road, West Ealing and Ealing Broadway are also typically above the city-wide average of £696,477.
Many areas on the line have bucked London’s flat-lining property market. While prices across the capital have risen by just one per cent in the last 12 months, those close to Liverpool Street have soared by 12 per cent, according to Rightmove.
Ealing Broadway has seen a nine per cent hike, as has Hayes and Harlington, while Canary Wharf is up eight per cent.
Increase in local property asking prices in year to April 2023
12 per cent
9 per cent
Hayes and Harlington
9 per cent
8 per cent
Tottenham Court Road
7 per cent