Up until December 8th, 2010 central London Crossrail stations were on display for the first time at the Crossrail exhibition and pictures remain available for viewing online. With the revelation of these new stations and the changes that they will make to the areas where they will be built, it begs the question how will Crossrail affect Ealing? How will it affect you and your property?
Designs for eight new central London Crossrail stations were unveiled following the Government's spending review pledge to continue funding the £16 billion east-west train link, due for completion in 2017. Running 73 miles from Maidenhead and Heathrow in the west, through new twin-bore tunnels under central London to Shenfield and Abbey Wood in the east, Crossrail is the capital's most important transport improvement for 50 years. It will bring 1.5 million more people within 45 minutes' commuting distance of London's key business districts, giving an estimated £42 billion boost to the economy.
Historically major changes to London’s public transport system, such as the Jubilee Tube extension and the DLR, provide a major regenerative boost to the areas where new transport hubs will be situated. These new Crossrail stations are set to be a major regeneration catalyst. Crossrail is set to have several new stations within the London Borough of Ealing including stations at Acton Mainline, Ealing Broadway, West Ealing, Hanwell and right the way through to Southall, so Ealing will be looking at some major changes.
How will Crossrail affect Ealing?
Benefits of Crossrail
1. The value of your property may go up – With Crossrail making transportation to London’s key business areas very efficient and quick, areas that are due to have Crossrail stations will experience an upsurge in prices as the development extends into their area. A rise in prices will be great news if you own property in Ealing already, but if you rent, you may find yourself priced out of the area when Crossrail is complete.
2. Great investment opportunities - The most informed property watchers will have their eye on areas where transport links are not currently as well connected and where prices have remained relatively low as a result. Northfields predicts that Hanwell will become a particularly hot spot.
Northfields has long had success and experience in selling and renting property in Hanwell. Up-and-coming Hanwell is situated on the border of West Ealing and Northfields Estates is seeing increasing numbers of buyers and tenants looking in this area. Hanwell sits to the north and south of the Uxbridge Road between Ealing and Southall giving relatively quick access to London, access that will improve tenfold when Crossrail is completed. Currently, the area is convenient for the M4 and M40 and Heathrow is a convenient 15 miles away, but for those travelling into central London, they currently rely on Hanwell railway station (Zone 4), two stops from Ealing Broadway. From Ealing Broadway commuters then have links to central London via National Rail, the District and Central Lines. Once the Crossrail link from Ealing Broadway to central and east London is completed, it will become an increasingly popular and convenient area for commuters with far more direct access to central London with fewer hops, skips and jumps in between.
Sale and rental prices in Hanwell are currently more affordable than in Ealing or West Ealing. Residential property values will certainly rise as affluent white-collar workers buy or rent homes nearby. Property investment opportunities will be substantial in and around the area. Investors looking for maximum return will invest in Hanwell before the construction of Crossrail buoys up prices. Although there is no immediate rush to buy, those who make bold decisions now can expect to benefit over the longer term.
4. Regeneration - Plans for Crossrail stations include impressive new stations with new homes, smart shops and offices built above them. Not only that, there will also be attractive new open spaces and public areas added as each station is constructed, making Ealing an even more attractive area.
Drawbacks for Crossrail
For all the good that Crossrail will do, it will also cause some disruption.
1. Rehousing - Properties in the way of the bulldozers will be compulsorily purchased, while hundreds more homes will need better sound insulation.
2. Buyers may be wary of properties in Crossrail areas - For sellers in the affected areas, Crossrail will show up on conveyancing searches and make some buyers hesitant, particularly while construction is ongoing.
If you are thinking of selling or letting property in Ealing or Hanwell call our Northfields office on 0208 840 6666 to take advantage of our extensive experience and success in W7 and the rest of West London.