Crossrail - Steaming ahead....
With Crossrail opening in phases over the next two years, growing numbers of would-be sellers are now sitting tight and waiting for the trains to start running before putting their home on the market.
Typically it was investors who were aware of Crossrail first, and from 2012, accounted for the majority of buyers within a mile of a station. The proportion of sales to investors peaked at 45% in 2014, but has since fallen to 27%. With investors buying and selling less frequently they’re often happier to wait longer for the new links to start running. But as the prospect of new links start getting close to reality and knowledge of the scheme grows, owner occupiers have been taking the place of investors and using it themselves.
Both investors who bought in early and owner occupiers looking to take advantage of the links themselves are holding on and waiting for the trains to start running. While the effect of Crossrail has pushed up prices and attracted investment into areas along the route, it now looks to be fully priced in.
Homes within a mile of a Crossrail station have seen prices rise 15% more than the areas it passes through since work started in 2009 (66% vs 51%). While prices have gone up most in central London in line with the wider market - Forest Gate, Maryland, Hanwell and Abbey Wood all stand out as having done particularly well.