With the construction of the Crossrail currently underway, Ealing is considered to be the next area of London ripe for investment. The effects are now starting to be felt even though completion of this Western section is only scheduled for 2019.
In addition to providing an improved, easier and more time efficient commute between West and East London, the opening of the Crossrail in Ealing should see demand for the area increase and subsequently nudge property values higher in the years to come. Once the Crossrail is complete, it will also provide better transport links into more central London stations like Paddington, Bond Street, Tottenham Court Road, Liverpool Street, Canary Wharf and Stratford stations, and Ealing should become more desirable among young professionals.
One and two bedroom properties tend to be in the most demand among tenants, as they usually require little maintenance and are ideal for a lock up and go lifestyle. Lately we’ve seen a big increase in the number of buy to let investors in the area, who feel that Ealing offers good value for money, especially in comparison to surrounding areas. This has led many purchasing early in anticipation of a strong rental market to come. Typically, property prices range from around £346 per week for a two bedroom garden flat to £550 per week for a family house. We’ve also noticed interest in surrounding areas like Ealing Broadway, Ealing Common and Northfields, which are proving popular among tenants.
Ealing appeals primarily to young professionals ranging in age from 20 to 30 years old as well as corporate tenants migrating from exclusive areas such as Notting Hill, Bayswater and Hammersmith. The area also holds great value for families as there are a number of good schools and green spaces. In addition, developers are cashing in on the areas increased popularity, and St George has seen success at their Dickens Yard scheme where all four phases have been snapped up incredibly quickly. Ealing also has plenty to offer in terms of architecture, from large Victorian family homes to modern refurbished terrace houses and 60s and 70s purpose built properties.
Jason Scott, manager of our Sales division notes, “Property prices so far this year have already increased by almost 8% as Ealing becomes increasingly desirable for its position and good range of properties on offer, as well as good value for money. A three bedroom maisonette in Chiswick will normally cost upwards of £750,000, however in Ealing the same property can be purchased for closer to £600,000.”