June 2022. The month that many communities celebrated the 70th Jubilee of HRH Queen Elizabeth – and many more revelled in the post-pandemic halo of togetherness brought about by an early and exceptional bank holiday weekend.
But June 2022 was also the month that saw a big change to the London property scene. Transport for London launched the first phase of the Elizabeth Line (previously called Crossrail) – an extraordinary feat of engineering, executed by thousands for the benefit of the millions of people that live, work and play in London and beyond.
“The Elizabeth line is much more than just a new railway – it will provide a crucial economic boost to the whole country and help to turbo-charge our recovery from the pandemic”
Sadiq Khan, Mayor of London
This £18.9bn transportation mega-project gives visitors, residents and commuters access to a 41-station rail network that spans 100km end-to-end, with ten newly built, and 31 newly upgraded stations along the route. The line now puts a staggering 1.5 million people less than 45-minutes from the West End, the City and Canary Wharf.
“…it’s the tubes, trains, buses, bikes, boats, and cable cars that make London, London. A vast circulatory system that brings life to the city, as millions surge towards the centre and then home again each day.
Boris Johnson, Prime Minister
Bigger. Faster. Better
Abbey Wood in South East London is just 29 minutes to Paddington. Liverpool Street to Woolwich takes 15 minutes. These routes are now a full 50% faster than they were before. You can travel from Farringdon to Canary Wharf in 10 minutes. The difference in travel times is staggering.
Needless to say, this transport revolution is having a seismic impact on property as the line moves to full operation in May 2023. The ripples are already being felt in all directions.
“From a market influence and property price perspective the Elizabeth Line’s sphere of influence cannot be underestimated,” explains Adnan Khan, Stirling Ackroyd’s Central Office Director.
“In 2005, there was definitely early-stage market interest in properties along the proposed train line, but property investors of all kinds came to the table in significant numbers as work on what was then called Crossrail started. Every mile of track laid and metre of tunnel drilled boosted investor confidence.”
“Simultaneously, demand and relative local pricing rose in equal measure. Even after the official launch of the line this May, we are by no means at the peak – there is still a way to go…”
Elizabeth Line Driving Above-Average Property Prices
In the last 12 years, there isn’t a postcode within 1km of an Elizabeth Line station that hasn’t had an average price increase of more than £200,000.
The Evening Standard
| 2005 and 2009 | 2012 to 2021 | 2022 |
|---|---|---|
| Investors began exploring options in the geographic area of the new train line. As a result the average increase in property values across all stations on the line was 20%, a solid 5% higher than comparable growth values at the time. | Average property values started to supercharge. In the areas around what was Crossrail a 20% premium began to materialise, with 84% of stations registering higher price growth than the London norms. | Phase 1 of the Elizabeth Line launches, and Stirling Ackroyd’s property price predictions are for above average growth for the foreseeable future. The Elizabeth Line will be in full operation by May 2023. |
The Elizabeth Line – Stirling Ackroyd 21/22 Market Review
Reference statistics: Dataloft June 2022
Lettings
| Stratford (Brook Green branch) | Canary Wharf | Ealing |
|---|---|---|
| Ali Al-Husseini | Kristian Sullings | Diana Kovacheva |
| Average rent achieved for properties let in Brook Green was £1,834 per month. | Average rent achieved for properties let in Canary Wharf was £1,819 per month. | Average rent achieved for properties let in Ealing was £1,530 per month. |
| This is a +14% change on the previous 12-month period. | This is a +17% change on the previous 12-month period. | This is a +9% change on the previous 12-month period. |
| 90% of properties let in the past 12 months were flats. | 97% of properties let in the past 12 months were flats. | 87% of properties let in the past 12 months were flats. |
| 64% of tenants are aged between 18 and 29. | 67% of tenants are aged between 18 and 29. | 51% of tenants are aged between 18 and 29. |
| Average monthly rent for a flat is £1,719 and £2,993 for a house. | Average monthly rent for a flat is £1,814 and £2,029 for a house. | Average monthly rent for a flat is £1,462 and £2,094 for a house. |
Sales
| Canary Wharf | Ealing |
|---|---|
| Michael Harvey | Simon Powley |
| 94% of sales in the past 12 months were flats, achieving an average sales price of £552,742. | 57% of sales in the past 12 months were flats, achieving an average sales price of £416,627. |
| Houses achieved an average price of £639,961. | Houses achieved an average price of £886,370. |
Property Sales Along The Elizabeth Line – A History Of Success
Canary Wharf & Stratford
Canary Wharf and Stratford are about to be elevated from suburban DLR status to hyper-connected city neighbourhoods. At ten minutes to Farringdon and fifteen minutes to Bond Street, Canary Wharf now connects to the mainline, with Stratford in 2023 – putting their unique property profiles on show for those in search of dynamic neighbourhoods with a blend of old and ultra-modern developments.
Matthew Hewitt, Stirling Ackroyd Commercial Director: “Stirling Ackroyd Canary Wharf and Stratford branches have seen strong growth in interest for property sales. But we anticipate strong growth in rentals too, as landlords in historically less well-connected areas begin to command a premium in commuter neighbourhoods of choice.
Canary Wharf
Stratford
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Ealing
Travel from Tottenham Court Road to Ealing Broadway will take 13 minutes. Ealing Broadway and the surrounding area has performed strongly since 2005, with property prices rising significantly to an average of £575,000 – £416,000 for the average flat and £886,000 for a house.
Interested to learn more about properties in Ealing? Click here to contact us.
Slough – Speed and Convenience Driving Growth
Now that the Elizabeth Line’s whole infrastructure has been completed – with staged trials planned for the remainder of the network over the coming months, the largest property premiums are being reported along the eastern lines and associated areas.
However, the biggest commuter time-saver of all is expected to be from Slough to the centre of London. It’s no coincidence that property prices there are now outpacing the overarching market at an impressive rate.
“A train to town every five minutes, an amazingly comfortable, fast transit. Capacity for 1,500 passengers per train. Air conditioning, Wifi and 4G access. What’s not to like? Slough commuter logistics are definitely driving the levels of interest in local properties,” says Antonios Kozakis from Stirling Ackroyd’s Central Office. “I would say that strong additional growth factors include affordability and a rapidly invigorating town centre. Combined, this is a recipe for local property success.”
Interested to learn more about properties in Slough? Click here to contact us.
The Broader Elizabeth Line Effect
“Rising values have not been restricted to the western and eastern ends of the Elizabeth Line. Bond Street, Paddington, Farringdon and Tottenham Court Road have all seen average house prices more than double since works began in 2009“
Crossrail 2022
