Blog
The Crossrail effect
Wednesday, February 10, 2016
House prices in the capital have increased to the point where homeowners are finding themselves priced out of the property market and looking to surrounding areas for affordable options. Living outside London can easily save commuters around £400,000 on the price of a 4 bed semi so it makes financial sense even when you factor in the cost of a rail season ticket.
Just over 20 minutes from London Paddington, Slough offers affordability and a vibrant, cosmopolitan lifestyle whilst near neighbour Langley, with a 25 minute commute, has excellent sport and leisure facilities including a leisure complex, pool and gymnasium, a choice of public golf courses and watersports nearby. Burnham has a slightly longer journey time of 35 minutes to Paddington but delivers a close-knit village community with historic buildings. All stand to benefit significantly from the coming of Crossrail in 2018-9.
With the Crossrail effect set to add £5.5 billion to property values across the South East and to dramatically cut journey times into and across London, there are already property hotspots coming to the fore. Crossrail isn't due to launch until 2018-9, but house prices are rising along its route in towns such as Langley, Slough, Windsor and Burnham. The development of the high speed line will also benefit such areas in terms of regeneration of residential, office and retail space, particularly in Slough where a massive redevelopment programme is already underway.
New research assessing the impact of Crossrail suggests that property prices across Slough and South Bucks could rise by as much as 49%. Areas within a 10 minute walking distance of stations stand to benefit the most with property values in Slough, Taplow, Langley and Burnham likely to increase by 43-47% by 2019 when the line is fully open.
The success of local schools can only bolster this increased interest in the area. Herschel Grammar, Langley Grammar and Upton Court Grammar (formerly Slough Grammar) consistently achieve excellent results, regularly appearing in features on England’s most over-subscribed state schools. Catchment is key here and the combination of school catchment area and proximity to stations is compelling.
Slough is fast becoming a very attractive option for buyers with road transport links that can’t be faulted, accessed via two junctions of the M4 and close to the M40, M25 and Heathrow. The fastest trains into Paddington take 17 minutes and an annual season ticket including Zones 1-6 costs £3,080. When the Crossrail line is fully open in 2019, Bond Street will be half an hour away with four new and bigger capacity trains per hour in each direction and giving passengers the chance to travel right across central London without having to change trains.
Affordability can still be found here with buyers from west London suburbs such as Hounslow selling for £600,000 and buying a similar house for around £350,000. Slough offers highly sought-after new-build developments while preserving areas of historic property. Upton Court Park for example has some spectacular Victorian conversions and the town has managed to preserve a fair amount of its historic heritage.
Smart investors are looking closely at the area from Maidenhead to Langley including Slough, Burnham and nearby Windsor; all firmly in the spotlight with the coming of Crossrail and the investment opportunity is clear. With house values in the area at record levels, the Thames Valley is still viewed as a potential gem as prices continue to rise. To discover the Crossrail effect and find your perfect home see our full range of currently available properties for sale or to let across Bucks, Berkshire and Middlesex or contact your local Frost Partnership office.
