London's Crossrail project has earned rave reviews in recent times, and while this exciting mode of public transportation will not officially open to the public until 2019 it has already driven high levels of job creation and property market growth.
The trends in London's property market have continued to evolve along with the construction, with homes located in Zone One (which is positioned in the centre of the capital) initially experiencing exponential price growth. The demand for these properties has fallen by 20% in the last year, while level of interest in homes further afield has left the chart.
The Crossrail Project: Which areas are experiencing the highest levels of demand?
This trend makes perfect sense, as many of the homes closer to the capital have already sold and benefited from an upward swing. This has encouraged buyers and investors to look at alternative regions along the commuter belt, which has in turn popularised areas including Reading, Luton and Slough. Overall, it is areas located in Zone Five and Zone Six that are enjoying the fastest rate of growth in the UK, with these outer boroughs offering a unique combination of convenience, value and (relatively) competitive pricing.
Leading the way is South Ruislip in Zone Five, which has seen price growth of 75% during the last 12 months. Eastcote is next with annual growth of 71%, while Ruislip Manor and Debden also enjoyed increases of 71% and 68% repsectively. Even historically less appealing regions such Dagenham Heathway experienced growth of 65%, meaning the Zone Five has performed better than any region along the Crossrail route. We can also expect this trend to continue to evolve until the launch of the Crossrail in 2019, as properties in proximity to the route but outside of the capital begin to experience greater demand.
Open Property Group have visualised how and where the Crossrail will span its influence with time-saving journeys to-and- from major Central London locations:
The question beckons…will there be a further correlation between these new 'High Speed Areas' and their average price value?
What does this mean for the market as a whole?
The impact on the property market as a whole can be debated at length, as while it continues to drive growth this is regional in its nature and disproportionate to earnings. This is arguably creating volatility in an already unpredictable market, so this is certainly something to keep an eye on.
This means little to home-owner's, however, as those residing in growth area are able to capitalise on soaring prices and increasing demand. Some may even consider capitalising on Openpropertygroup.com's sell house fast process to drive an even quicker turnaround, especially as demand may be fleeting as the project draws closer to completion.
