For those looking to buy along the route today, the opportunities (aside from a fast commute) typically fall into two main camps. Firstly they’re likely to continue seeing house price growth over and above the London average due to the longer-term regenerative impact of the Elizabeth Line. Typically this will be in lower value places outside zone one which aren’t currently particularly well connected.
Places like Hayes, West Ealing, Woolwich, Abbey Wood and Ilford are all neighbourhoods which will continue to see significant investment even after the Crossrail cranes have left. They all have large developments which offer the potential to change the face and reputation of an area. But change doesn’t happen overnight and someone looking to take advantage of the prospects for price growth, will need to take a five-or ten-year view - just like those who bought into Crossrail after its initial announcement.
Secondly, tenants have so far proved reluctant to pay a premium for living near the Elizabeth Line given the links haven't been open. But this is poised to change, meaning we are likely to see increasingly strong rental growth in Outer London locations as tenants across the capital choose to reshape their commutes. Many will be moving out of more central areas and enjoying lower rents alongside shorter journey times thanks to the new links.
Exploring Crossrail's Rental Market
Most landlords bought into the Crossrail project on the promise of both price growth and higher rents. While for the most part, they have already seen the capital growth, over the coming months they will also begin to see higher rents too. This growth will push up yields which have so far been artificially deflated by investors having paid a premium to buy a home without yet receiving a premium rent.
The flats built because of the Elizabeth Line will provide thousands of homes for London's next generation. While Crossrail may be close to completion, it's only just starting to shape the city.