Ealing and Woolwich among Elizabeth line winners as house prices surge
Boroughs located along the Elizabeth Line have seen a surge in house prices as the new line cuts City commuter times from areas like Ealing and Woolwich.
As London battles a lack of supply, the quick transport links introduced by Crossrail have seen the price of homes in Ealing Broadway rise nine per cent in the last year, with the average cost of a home now priced at £886,000, according to Rightmove.
House prices in Woolwich have also soared five per cent to £403,000, with commuters now able to travel from the Zone 4 station to Whitechapel in less than 30 minutes.
“A shortage of available homes, record rents and the ability for many to work from home are all contributing to renters casting their net wider and exploring new areas to live in, in many cases further away from major cities,” Tim Bannister, Rightmove’s property expert, said.
The Elizabeth Line, which first came under construction in 2009, also extends to outer London regions such as Brentwood and Reading, with Rightmove data showing that renters’ demand to live in the regions have also soared as Londoners look further in search of cheaper rent.
Both Reading and Brentwood have seen tenant demand increase by 32 per cent and 26 per cent respectively, with Shenfield also seeing a 25 per cent increase from renters.
It comes as Londoners more generally cast their net wider in their search for new homes, with near two in five (39 per cent) tenants now enquiring outside of the city when looking to move, up from 32 per cent this time last year, according to Rightmove.
“The Elizabeth Line has opened up new options for renters needing to commute to different areas of London, and in many cases with cheaper asking rents than typical London hotspots,” Bannister said.