CROSSRAIL
AT LAST! THE ELIZABETH LINE
After what seems like a very long wait, Crossrail has finally arrived in the capital! A momentous 70-mile project, Crossrail links Reading (Berkshire) and Heathrow airport in the west, with Shenfield (Essex) and Abbey Wood in the east. With improved access to central London from even more locations, the Elizabeth Line is great news for first time buyers. But where is the most affordable? Debbie Clark looks at what the grand opening means for your property search THE CROSSRAIL EFFECT Nicknamed "the Crossrail effect", there has been a micro property price boom near Elizabeth Line stations over the past decade. The scheme – which was officially announced in 2008 – has seen the price of property rise exponentially in these areas, with property prices consistently higher than in the surrounding areas. Many areas have also benefited tremendously from local regeneration linked to the impressive scheme. If it sounds like you’re late to the party, fear not; the official launch of the Elizabeth Line, on 24 May 2022, has led to an invigorated demand for property as buyers are finally able to take advantage of those long-promised speedy commute times. Properties near to these stations are also likely to continue to command a premium, as a good tube connection always has.
READING
L&Q at Huntley Wharf
FROM £71,250*
A joint venture between L&Q and Berkeley, this collection of one and two bedroom shared ownership apartments and duplex apartments can be found on the riverside. The new homes form part of an exciting urban hub. Residents will benefit from a plethora of facilities on-site, including a cafe, restaurant, local store and gym, all conveniently located in the development’s central hub, Riverside Square, as well as landscaped open spaces along the river. The development is just a short walk from Reading railway station, now on the Elizabeth Line. By bike, both the station and city centre are reachable in less than five minutes. lqhomes.com/huntleywharf
YOUR PROPERTY SEARCH Data from Share to Buy, the UK’s leading online portal for shared ownership and Help to Buy properties, has revealed the average property price in various hotspots along the Elizabeth Line and the percentage growth in average property prices since 2018/2019. Perhaps not surprisingly, the cheapest average property prices are out of the capital, in Reading, with an average property price of £301,531. A London postcode will, of course, set you back more money, but there are still plenty of options under £500,000, most notably in Southall, Ealing, with an average property price of just £385,485. Southall has had a slower growth in average property prices since 2018/2019 than many areas, at 9.45%. In contrast, Abbey Wood has seen an 82.26% growth, but still has an average property price of just £423,759. Other areas worth consideration include Newham, with average prices around £460,000, and Acton and Ealing, with average property prices around £495,000. If your budget stretches to over £600,000, consider Farringdon. Westminster properties come in slightly cheaper, but are far harder to come by.
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*Based on a 25% share of the full market value of £285,000
READING
Green Park Village
FROM £305,000
Minutes from central Reading, The Longwater Collection has recently launched at Green Park Village, comprising three new apartment buildings with one and two bedroom homes. Cycle paths and woodland walks in a waterside location, as well as a children’s play area and Market Square, are further enhanced by Green Park Business Park, a nearby business community set in landscaped parkland which provides restaurants, shops, cafes, a gym and a nursery. An on-site primary school, Green Park Village Academy, opened in 2020. The new Reading Green Park railway station, due to open this summer, will offer residents a balance of accessibility and escapism. greenparkvillage.co.uk
First Time Buyer August/September 2022
FTB 24-29 Ed1 August-September.indd 24
12/07/2022 13:27
