Crossrail effect on house prices

pillywickle

Curious to hear people's opinions on the effect of Crossrail on house prices.

I've been looking at 1-2 bed properties around the Greenford area in West London and despite being quite far from the upcoming Elizabeth line, I'm finding that properties are already rising in price citing "close to Crossrail" as the justification for higher prices. They're certainly not within walkable distance of any Crossrail stations, but are possibly a 15/20 minute bus ride away - is this close enough to be considered close?

Other than Crossrail, what distance is considered close enough to a tube/rail station to justify a higher price in London? Does it vary across the city?

AFF8879

Thing is with London, almost everywhere is close to a tube/train station. A report was published that showed the effect on house prices since Crossrail was announced to present, and the rises grew the further out of central London you went. I.e Slough and Romford had much bigger price rises than say, Farringdon or Canary Wharf.

There is also what's known as a ripple effect - a catalyst (new transport development, shopping mall, new school etc) causes prices to rise in a certain area and then the surrounding areas begin to rise too as people a) look to be close to this catalyst or b) are suddenly priced out of the original area.

That said, I reckon we have probably seen the majority of the rises we will get purely due to Crossrail...it's deep into construction and due to fully open in only a few years, prices are unlikely to shoot up massively the day the ribbon is cut - everyone knows it's happening.

I bought my flat along the Central line and was interested in seeing whether night tube would raise the price, but too difficult to tell - stupid Brexit!!!

marksoton

Crossrail is a white elephant trust me.

SailorSam

If i was buying, which i'm not. I'd say close to a station was less than half a mile. Certainly not more than a mile.

giraffe69

marksoton wrote: »

Crossrail is a white elephant trust me.

I don't think i will.

barbiedoll

The house prices in my area have risen massively due to the Crossrail effect, although they seem to have fallen back a little, post-Brexit.

I can't really understand why, we already have a train line here which goes into town and which is (fairly) reliable, with plenty of trains during peak hours. Why a new line should suddenly increase prices so much is anyone's guess. There are all sorts of promises about the new trains reaching parts of the City in under 20 mins, etc etc, which is all well and good until we get 0.2cm of snow, leaves on the line or those sudden and unexpected staff shortages when the sun comes out.

Still, I'm not complaining....one step nearer to my dream house in the country!

marksoton

giraffe69 wrote: »

I don't think i will.

Fine. But the CE sector is simply laughing at this scheme. It's the Olympic park all over again.

Every man and his dog will dump their plant on the job and get paid for it. And the "consultant" will just bill forever.

pillywickle

I agree that less than a mile is the sort of radius around a station that I'd expect proximity to affect the house price, particularly in zone 3/4 - a bit further out in zones 5+ where you're less likely to find a line as quick as Crossrail is supposed to be, I think it should have more of an effect within 2 miles. A short bus then a tube into Central seems reasonable.

Really tired of estate agents using Crossrail to justify sellers' bloated prices, but wanted to know if it's more than just sales speak!

Joy_mate

pillywickle wrote: »

Curious to hear people's opinions on the effect of Crossrail on house prices.

I've been looking at 1-2 bed properties around the Greenford area in West London and despite being quite far from the upcoming Elizabeth line, I'm finding that properties are already rising in price citing "close to Crossrail" as the justification for higher prices. They're certainly not within walkable distance of any Crossrail stations, but are possibly a 15/20 minute bus ride away - is this close enough to be considered close?

Other than Crossrail, what distance is considered close enough to a tube/rail station to justify a higher price in London? Does it vary across the city?

Cross rail? It's just marketing word and to empty the buyer's pockets.
Cross rail will reduce journey time in most of the routes by 10-15 mins, and this much time you will spend to wait for its arrival on platform.
East London route of cross rail is just nothing but joke, as it will run on same route of current national rail and still many builders in haroldwood has sold homes with very high prices..even in 2014.
If you much concern over travelling time and home near stations, than east London/Essex is the place to look for..simple calculation is, from any tube station in east London zone 3-4 you will touch central London in 20-25 mins where in other parts no way you can reach to central in same time.
Max 10 mins or (max 4 bus stops at with average distance) by bus from home to station is still you can consider.