Plans for a railway across the middle of London have been on the table since the 19th Century. But now, despite some hitches along the way, the long-awaited Elizabeth line, formally known as Crossrail, is open and connects Paddington to Abbey Wood. It’s set to carry up to a whopping 200 million passengers a year. It’s changing the commuting landscape for us in east London. Also the house prices. If you’re wondering what the champagne cork popping-like sounds are around Forest Gate right now, they are champagne corks popping.
Property in east London has always sold well in streets close to the Circle, Victoria and Jubilee lines. According to a new survey by Rightmove, new areas have opened up to rising property values simply because they’re connected through the new Elizabeth line. The new access to central and west London has created new property hotspots, and Forest Gate is one of the hottest.
10 New stations have been built along the central London section of the line, where Paddington, Bond Street, Liverpool Street and Canary Wharf are all linked. But the one we have our local gaze upon is of course Forest Gate. It’s not only great news for people getting to Heathrow and the west and commuting into central London, but if you’re hoping to sell your home around the Forest Gate area, the Elizabeth line has effectively opened up the market to thousands more buyers for you. People who want the many benefits E7 has to offer and still be able to commute to central London and beyond. It’s doing wonders for the value of property in E7.
A recent report by Zoopla shows house prices along the length of the Elizabeth line have increased by 52 per cent since work began back in May 2009, taking average property values from £154,161 up to £389,543. In fact, the Forest Gate price increases have come second only to the joint leaders, Bond Street and Tottenham Court Road.
We believe the rise is set to continue as more and more people realise what a gem the Forest Gate area is. A great mix of people, schools, rich local culture, independent businesses, art, music, food, shopping, a vibrant history and of course Forest Gate’s crowning glory: its proximity to Wanstead Flats. 450 Acres of natural green space on the doorstep, boosting our lifestyles to include walking, exploring and cycling. All that and the ability to be in central London within minutes. Easy to see why everyone’s falling in love with E7.
The eponymous line has become even more significant as we consider the legacy of Queen Elizabeth II. In addition, the quality of the line has been widely and positively reported too. Clean, excellent wifi, multiple lifts and clearly signposted boarding for wheelchair users, creating a smooth process for all. There are also wider aisles and air-con. If Londoners can commute in comfort, and pull a bit of work in along the way, we’re generally happy to travel. And if your home puts you in the heart of a rich community and as close to nature as you are to the city, then so much the better.
Has this got you thinking? Has that 52 percent hike in house prices given you itchy feet? An up-to-the-minute valuation of your property is free and would show you the potential capital your home might have earned, simply by being in Forest Gate.
Call us, let’s chat. We’re just down the road.
Estates East Team
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