Where to buy along the Elizabeth line: 'the Crossrail effect’ boosts house prices in key south-east London areas — and there's still room for growth

Discover how the new Elizabeth line will transform London’s property scene when it opens in December, beginning with Woolwich and Abbey Wood in the south-east.
Emily Wright12 March 2020

When it comes to identifying London’s future property hotspots, there are few more universally trusted indicators of growth potential than “the Crossrail effect”.

These three words have become something of a catch-all for gauging an area’s prospects since ground broke on the £14.8 billion infrastructure project back in 2009.

For the neighbourhoods located along the 118km line, the consensus is they are set to bask in the glow of a myriad benefits.

Those who got in with early property purchases have already seen the risk pay off.

House prices within a mile radius of any of the 40 Crossrail stations have shot up 66 per cent since 2009, according to research by Hamptons International. That’s 15 per cent more than the London average over the same period.

And while the financial spoils have tapered as the official launch date has nudged nearer, home owners and potential buyers can still reap the rewards from the advantages that have contributed to the price hikes — from better connections to shorter journey times in and out of central London.

With just over a year to go until the new Elizabeth line, as it will be called, opens in December 2018, we delve into the homes and developments regenerating the hubs along the route, starting at the far eastern transit station of Abbey Wood and the next stop along the line towards London, Woolwich.

Great prospect: the Royal Arsenal’s views take in Canary Wharf and the O2

LOOK TO THE SOUTH EAST

Average property prices in Abbey Wood and Woolwich, which straddle the boroughs of Bexley and Greenwich, now hover at about £360,000 and £400,000 respectively following average increases of 71 per cent and 57 per cent between 2009 and 2017 — significant upticks that could have been fuelled by the fringe nature of the locations themselves.

“Crossrail continues to drive value growth along its length,” says Adam Challis, head of residential research at property agent JLL. “What is becoming clear is the additional benefit it brings to some of the lower-value locations along the route. It is supporting regeneration through improved accessibility and as a result offers a longer-term capital growth potential. ”

With such ambitious regeneration in and around Woolwich, anchored by Berkeley Homes’ colossal £1.2 billion Royal Arsenal Woolwich scheme, Abbey Wood had taken something of a back seat in comparison.

On the up: a Berkeley Homes waterfront penthouse at Royal Arsenal Riverside
berkeleyhomes2.visualbank.co.uk

That was until last week when its new station, described as “the unexpected jewel in Crossrail’s crown” opened in all its timber-roofed glory.

One of only 10 new stations being delivered as part of the infrastructure development, it has made an architectural statement in the heart of an otherwise under-the-radar south-east London district.

A statement that, twinned with significantly better transport links in 2018 and a train every five minutes through central London to Paddington and Heathrow by December 2019, has kick-started a surge of fresh development to complement the rows of Victorian terrace properties that still characterise the area.

Early arrivals: four years ago Kevin Lasitz and Jose Dias paid £485,000 for their three-bedroom flat at Royal Arsenal in Woolwich, attracted by its Crossrail location

Residential developer HUB has plans to deliver 245 flats, a hotel and a new public square as part of its Abbey Place scheme next to the station following planning permission gained last month.

And developer Peabody, which is investing £1 billion in regenerating Abbey Wood and the wider Thamesmead area, is building 1,500 “affordable” new homes ranging from one-bedroom flats to four-bedroom family apartments ready to attract a swathe of new residents looking to snap up property in a comparatively cheap area of London while still only being a 25-minute train ride away from Bond Street and just 11 minutes from Canary Wharf.

Branching out: Abbey Place, next to the line’s south-east London terminus at Abbey Wood, will deliver 245 flats, a hotel and a new public square

One stop up the line in Woolwich, development around the Royal Arsenal site has dominated. It is one of Europe’s largest regeneration projects, with 5,000 new homes coming along with bars, restaurants and a new creative quarter on an 88 acre site with 1km of riverside frontage.

It has the added benefit of a Woolwich Crossrail stop on site, with links to Canary Wharf in eight minutes and Bond Street in 22 minutes.

Prices at Waterfront 111, the latest residential phase to be launched, start at £462,500 for a Manhattan Suite, £485,000 for a one-bedroom apartment going up to £570,000 for a two-bedroom flat. Five duplex penthouses set for completion next month will launch this weekend, with prices starting at £1.3 million for a two-bedroom and £1.9 million for a 1,398 sq ft three-bedroom with a direct river view.

CHEERS TO WOOLWICH WE GAINED A COMMUNITY, A VILLAGE IN LONDON

Entrepreneurs: James and Emma Yeomans set up brewery Hop Stuff

When James and Emma Yeomans left their flat in Limehouse five years ago, they did not escape to a rural village. They moved to Woolwich.

More specifically they moved to Berkeley Homes’ Royal Arsenal site, set up the Hop Stuff Brewery and now produce 25,000 pints a week with plans to expand the brewery to produce 75,000 pints a week.

While the couple have since moved further into the countryside after their first child was born, they remain an example of the sort of enterprising young couples and families areas like Woolwich and Abbey Wood are starting to attract — one of the main reasons their business has been successful at the Royal Arsenal site.

They expect the brewery to continue to thrive following the launch of the Elizabeth line next year as it will open these south-eastern parts of London up to visitors as well as residents.

“These developments need to be destinations rather than commuter points,” says James.

“But at the same time you want to make sure they attract visitors and do not end up as closed communities. And that comes down to infrastructure and what the site has to offer outsiders. “It was great for us working here as we just didn’t cut down on our commute when we moved here. We gained a community.

“London can be a cold, dismissive city. And what kept us in this area was the fact that everyone pulls together. We saw the same people in the local pub, we all work together to put on the Royal Arsenal farmers’ market, and Woolwich actually feels like a village in London. And that’s the important part.”

  • Emily Wright is features and global editor of Estates Gazette

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