Crossrail is driving up house prices in Romford and Brentwood according to a new report from Balgores Property Group, leading estate agents in Essex and Kent.
Thanks to the planned Elizabeth line station, the average cost of a 2-3 bedroomed semi-detached property near the train station in Romford has surged by 20% year on year, with the average price now sitting at £405,000, up £79,250 on the 2016 average price of £325,750.
Flat buyers will now have to find an average of £262,500, as prices have gone up by 21% from £205,000 in 2016, a rise of £57,500.
According to property crowdfunding platform Property Partner, 60% of areas around stations on the new Elizabeth line, due to be completed by the end of next year, have seen higher than average house price rises in the past 10 years.
The research, which used data from Zoopla, shows that average Romford property prices have risen 48.97% over the last five years, up from £241,027 in 2012 to £359,058 in 2017. Property prices in Brentwood have also leapt, up by 32% over the last five years, from £387,432 in 2012 to £512,713 in 2017.
The research also found that 24 out of 40 locations near the Crossrail stations have benefitted from above average rises, compared to property price increases in the rest of the South East of England since 2007 (an average of 41%) when the project was first approved.
Martin Gibbon, a Fellow of the National Association of Estate Agents and Group Director of Balgores Property Group commented: “Thanks to the promise of fast train links to Liverpool Street central London, property prices in Romford and Brentwood are soaring. The arrival of Crossrail will give commuters accessible trains to central London, Canary Wharf and Heathrow.
“The dramatic cuts in commuting times and the multi-million pound regeneration in Chelmsford and Romford have been the main appeal driving price growth. Over the last few years, Chelmsford’s population has grown and the City has seen the opening of restaurants and high quality eateries, together with luxurious new apartments and a new multi-million pound John Lewis complex.
“Romford is benefiting from a major redevelopment for Romford town centre, maximising in particular the opportunities presented by Crossrail’s arrival in 2018. This includes the potential for around 2,200 residential units, approximately 29,000 sqm of commercial space and over 4,000 sqm of public open space.
“Crossrail officially opens its services from Shenfield to London Liverpool Street this May, with the full line following in December 2019.”
For further information, please visit www.balgoresproperty.co.uk.