Property prices which are close to the new Crossrail route in London are increasing much faster than homes in the surrounding area, despite not yet being opened.
The typical value of a property close to future Crossrail stations has increased by 22%, while prices of property in the surrounding area have increased by around 14%, according to a study by Lloyds Bank. The Elizabeth Line, the first part of the Crossrail service, is due to open in May 2017, while the full service won’t be in operation until December 2019.
Although it will be years before it is fully operational, a home close to the new service is highly desirable, as it will improve the quality of travel to some of the main locations in the capital, like Heathrow Airport, Canary Wharf and the city of London.
For those who own properties in these areas, the price increase is good news, as the value of the average home has soared from £344,242 in 2014, to £420,798 in 2016. However, for those people who would like to move closer to the new high speed rail service, which will run from Reading in Berkshire to Shenfield in Essex, the higher property prices are not such good news.
Paddington has the most expensive properties on the new route, while Romford in Essex has the best value properties. For those who are struggling to save a deposit, or who want to find a good value mortgage deal, mortgage advisers study on a CeMAP training course, so they can help you find a home in your dream location.