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.

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.

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 bene t 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 ve minutes.

lqhomes.com/huntleywharf

*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

READING

Bankside Gardens by St Edward

FROM £420,500

Bankside Gardens offers London-style living in a superb Reading location. The one and two bedroom apartments at No. 6 – the latest phase of homes – have been designed for modern living. The living areas lead out on to a balcony or terrace for stunning views over the landscaped gardens, while the kitchens feature Bosch and Smeg integrated appliances. Parking is also included with every apartment. The new Reading Green Park railway station is located directly next to the development, with services reaching Reading station in just six minutes. Direct services on Crossrail from Reading will reach Heathrow in 38 minutes, Bond Street in under an hour and Canary Wharf in just over an hour.

banksidegardens.co.uk

WIMBLEDON

The Switch

FROM £140,000*

The Switch offers two and three bedroom shared ownership apartments and is part of a landmark joint venture with Galliard Homes, with retail and leisure space set around a new stadium for AFC Wimbledon. Residents will also be able to enjoy access to communal podium gardens. Kitchens are tted with integrated appliances. Plus, selected two and three bedroom apartments are set across two oors providing residents with a signi cant amount of living space.

catalyst.homes

*Based on a 25% share of the full market value of £560,000

HANWELL

Central Square

FROM £108,750*

Central Square is the latest phase of homes for sale at Copley W7 – Broadway Living’s agship regeneration development in leafy Hanwell. Located a 20-minute walk from Hanwell or West Ealing stations, the modern one and two bedroom apartments are available with shared ownership. All kitchens include an integrated Zanussi washer-dryer, fridge-freezer and dishwasher, and main bedrooms feature tted wardrobes. Each apartment has its own balcony and there are communal landscaped gardens for all the residents to enjoy. There will also be a playground, community hub and local shop for the day-to-day essentials.

copleyhanwellw7.co.uk

*Based on a 25% share of the full market value of £435,000 CASE STUDY

Saba Yazdani, 37, works in London and loves city life, but with house prices continuing to rise, she wasn’t sure how she would ever be able to afford to buy her own home in the capital. That was before she found out about SO Resi Ealing.

Saba, a Project and Partnerships Manager, rst became aware of shared ownership as a potential route on to the property ladder in 2013 as some of her friends were buying using the scheme. Fast forward ve years and she decided to start saving for a deposit herself. Saba wanted to buy the property in her own name but since her partner would be sharing the monthly costs with her, it meant the amount Saba needed to save was less prohibitive, at £16,000 for a 25% share in a one bedroom at.

After her six months rent-free incentive expires, Saba will be paying just £1,200 per month – a saving of £450 per month on the rent she was paying for her at in Willesden Green, Brent.

Saba rst visited the development in the summer of 2020 and was immediately impressed by the speci cations and materials used. The fact that the apartments had a balcony and communal roof terrace also appealed. “I have bought a sixth- oor apartment which has really nice views,” Saba says. “And I love coming up to the roof terrace – you can see the whole of London!”

The good transport links also mean it’s an easy commute into central London for when Saba needs to be in the of ce for work. She says, “The development is in a good location within walking distance to West Ealing station and Ealing Broadway – and it’s on the Elizabeth Line, which is really appealing.” Saba adds, “It’s also a vibrant area with a good high street including Ealing Broadway shopping centre. I am originally from Iran and there are lots of Iranian restaurants in the area which is fantastic. There are also some good green spaces nearby such as Walpole Park.”

WEST EALING

The Bowery

FROM £138,900*

Comprising 60 one, two and three bedroom shared ownership apartments, buyers at The Bowery will be well placed to enjoy the bene ts of Ealing’s programme of regeneration, with a great combination of attractive green spaces, vibrant bars and restaurants, and excellent transport connections. The development features landscaped gardens and a range of community facilities, including a car club and potential space for meetings and events. All apartments enjoy access to fresh air via either a balcony or Juliet balcony, and feature high-speci cation xtures and ttings throughout, including contemporary kitchen and bathroom units.

latimerhomes.com/new-build-homes/london/ealing/the-bowery

WEST EALING

SO Resi Ealing

*Based on a 30% share of the full market value of £463,000

FROM £108,125*

Once the agship BHS department store in West Ealing, SO Resi Ealing offers a contemporary collection of 104 one, two and three bedroom apartments, set just a short walk from Ealing Broadway. All of the apartments have either a balcony or terrace to extend living space, while some homes are also dual aspect. Residents bene t from access to a spacious rooftop garden and a rst oor podium garden, alongside three years’ free car club membership. Services from West Ealing station (a seven-minute walk) reach Paddington in just 12 minutes, Heathrow in 13, Bond Street in 15 and Canary Wharf in 29 minutes.

soresi.co.uk/ nd-a-property/ealing

*Based on a 25% share of the full market value of £432,500

EALING

Ealing Bond

FROM £113,750*

Ealing Bond is a collection of contemporary one, two and three bedroom apartments, each bene ting from a spacious open- plan living area and modern fully tted kitchen. Quality internal speci cations are combined with podium gardens to create an oasis of relaxation in the capital. Ealing is served by London Underground, Crossrail and National Rail services to put the capital within reach, with Bond Street just a 13-minute tube journey away. This development is only available to applicants who live or work in the borough of Ealing.

sharetobuy.com/properties/165486

*Based on a 25% share of the full market value of £455,000 CASE STUDY

Becci, a Senior Grants and Programmes Manager, and her partner Dan, have just purchased a 30% share of a two bedroom apartment at Notting Hill Genesis’ Heron Quarter at Woodberry Down development. Shared ownership has allowed the couple to stay in the area they love and has secured them a home that they can grow into.

Already renting a one bedroom at at the Woodberry Down regeneration scheme, Becci and Dan knew they wanted to stay in London’s green oasis. Becky explains, “We have lived at Woodberry Down for a number of years and love the community here. Thanks to the two on-site reservoirs, green space and wildlife, it doesn’t feel like we are in London. We describe it as our Zone 2 oasis!”

However, the couple couldn’t afford to purchase a home outright. Becci recalls, “Dan and I had been saving for a rainy day and at the beginning of the year we had a lea et through for the private sale homes here. Unfortunately, they were too far out of our price range so we closed the door on buying a home here and began to think about purchasing elsewhere.

However, during lockdown, a lea et for Notting Hill Genesis’ shared ownership apartments was dropped through the door and this seemed like a fantastic option for us.” The couple quickly booked on to a virtual tour of Heron Quarter and the apartment ticked all of their boxes thanks to its layout and well sized balcony. Having followed up with an in-person viewing, they promptly put down a deposit.

The couple were working from home so opted for a two bedroom apartment giving them the exibility to use the second bedroom as a home of ce. They are clearly delighted with their new home. Becci says, “Shared ownership has allowed us to step on to the property ladder, something we never thought we would be able to do in such a fantastic location. The development itself is idyllic and there is plenty to do. The two reservoirs have great outdoor activities such as paddleboarding and sailing, there are great running and walking routes and the wetlands are home to a selection of wildlife which is lovely to see in such an urban location.”

Located in Zone 2, Heron Quarter at Woodberry Down is well connected. There is a selection of cycle paths and walking routes, Manor House underground station is just ve minutes’ walk from home and is served by the Piccadilly Line. Alternatively, there are two Overground stations, Stamford Hill station and Finsbury Park station providing direct routes into Moorgate and Liverpool Street in 15 minutes, where Crossrail services are now operating.

FROM £133,125* FROM £131,250*

ACTON

L&Q at Acton Gardens

L&Q at Acton Gardens delivers an impressive collection of two and three bedroom shared ownership homes. Community integration is at the forefront, with a wide range of facilities for residents including several communal gardens, a new sports ground and a shopping plaza. The homes have been designed to be energy ef cient – each apartment is tted with solar panels and there is an on-site energy centre which will supply some of the development’s heat and power, reducing residents’ carbon footprint.

lqhomes.com/actongardenslondon/ealing/ the-bowery

*Based on a 25% share of the full market value of £532,500

FROM £359,000

CANARY WHARF

Hampton Tower at South Quay Plaza

Set in 2.6 acres of communal gardens, moments away from the Thames, Hampton Tower’s studio, one and two bedroom apartments are conveniently located a two-minute walk to South Quay DLR and a 10-minute stroll to Canary Wharf station. Floor-to-ceiling windows throughout create spectacular views across Canary Wharf in one direction and South Dock in the other.

landgah.com/scheme/hamptontower-south-quay-plaza

*Based on a 25% share of the full market value of £525,000

FROM £118,500*

WOOLWICH

Trinity Walk

Lovell Homes’ Trinity Walk is a collection of 445 one, two and three bedroom apartments located on the riverside, just a mile from the new Crossrail station in Woolwich. Ready to move into, the development boasts larger than average apartment sizes with private outdoor balcony or terrace to all homes. Flooring and appliances are included throughout and there is currently an additional incentive of a furnishing package at no extra cost.

trinitywalk-woolwich.com

ABBEY WOOD

Southmere

Southmere is in Peabody’s regeneration of Thamesmead, delivering 500 homes, shops and a public square. A 10-minute walk from Abbey Wood station, the one, two and three bedroom apartments are available with shared ownership and Help to Buy. Residents enjoy double the amount of green space than the London average, plus a concierge and lounge.

peabodysales.co.uk/developments/ southmere

*Based on a 30% share of the full market value of £395,000 CASE STUDY

Rob Johnson, 38, completed on his new two bedroom, two bathroom home at the end of 2021. The apartments at Trinity Walk, by Lovell Homes, have proved very popular, particularly with young professionals opting to live solo like Rob, a Business Development Manager for a City law rm.

As a rst time buyer keen to fund his own home purchase, without any parental support, Rob capitalised on the lockdown period to save money towards a deposit and also took advantage of the Help to Buy scheme. He put down a £35,000 deposit against a purchase price of £470,000 with Lovell Homes paying his Stamp Duty.

Rob explains, “I chose Help to Buy over shared ownership. Personally, I didn’t like the idea of owning a property and paying rent and the monthly mortgage, plus service charges.” He continues, “I found the ‘HtB’ calculator to be a really valuable tool, which is separate to any calculations done by a mortgage lender and more realistic when it came to knowing my price range.”

Focusing his property search on new build developments, Rob was encouraged by friends to look at the Woolwich area in south east London. He says, “The combination of Trinity Walk and Woolwich provided me with an excellent opportunity to buy a two bed property in a well-connected part of London at a price that was affordable to me and would be a wise investment for the future.”

Crossrail was also an important factor in choosing to buy at Trinity Walk. Rob explains, “I’m based in the City and have a preference for mostly working in the of ce, so living somewhere where there was a quick and easy commute to the of ce was very important, given the frequency I would be doing it, as well as being able to get quickly into other areas of London.”

It seems Rob’s investment is already paying off as he loves the apartment. “It has the additional bonus of two balconies… there’s a lot of natural light, particularly in the main bedroom and having the second outdoor space which overlooks a quiet leafy area swung it for me,” he says. “Being 10 minutes from the river and having the ability to quickly get into London and conversely out of London were also appealing. I love the fact that I can wander around the city in all directions and have green spaces all around me to play softball in my spare time.”