House Price Boost for Romford Homeowners
Property prices in Romford are set to soar, thanks to the so-called ‘Crossrail effect’.
With their lower cost of living and proximity to London, towns such as Romford and Brentwood have long been popular choices for City commuters looking for an affordable and pleasant place in which to put down roots. And the popularity of the area looks set to increase yet further with the arrival of Crossrail in 2018.
The Crossrail Effect
What has become one of Europe’s biggest infrastructure projects, Crossrail is a new rail system running from Reading to Shenfield through the centre of London. The development will bring more than 1.5 m people within a 45-minute commute of London, significantly cutting journey times and increasing network capacity.
As with most major transport projects, Crossrail will act as a catalyst for regeneration across the capital and beyond, with many areas expected to benefit from improved facilities and a marked increase in property prices.
This so-called ‘Crossrail effect’ is already having an impact, despite the line not yet being in operation. Research has shown that asking prices for homes along the new route have increased by up to a third in the past year alone, and this upward trend is almost certain to continue, with experts predicting that house prices will increase by up to 43 percent on some sections of the line by 2020. We recently talked about how Crossrail is likely to boost business in Brentwood, now we aere seeing signs that it is also changing Romford.
One particular area that’s expected to reap significant benefits from Crossrail is the town of Romford in the London Borough of Havering. Currently less than 25 minutes by train to central London and situated close to the M25, Romford is already an established commuter town, offering good transport links, a variety of eating and nightlife options, a vibrant shopping centre and easy access to the Essex countryside.
When Crossrail begins operating, the town will have even more advantages to offer residents, the biggest of which will of course be the improved transport links between Romford and central London.
From December 2019, passengers will be able to travel from Romford into central London without having to change trains. The trains will also run regularly, with 12 operating per hour during peak times, making it much easier and more convenient to travel from the suburbs into the city.
And convenient travel is not the only benefit that Crossrail will bring to the town. There are plans to develop and improve the public spaces in and around Romford station, with the creation of landscaped areas and improved integration with other public transport services, as well as regeneration projects in Romford’s town centre and historic marketplace. In total, the annual transport and economic benefits of Crossrail for Havering are predicted to reach £43.3 million.
A Good Investment
With this in mind, it is inevitable that the area’s popularity as a commuter town will continue to grow, and Romford estate agents are already reporting a surge in interest for properties in the town, along with a corresponding surge in property prices.
In the last year alone, Romford asking prices reached an average of £267,590 –a rise of more than 27 percent. And with further significant price hikes expected between now and when the new line launches in 2018/19, this vibrant old Essex town offers a golden opportunity for home buyers and investors alike.