It’s no secret that in London, transport connections are the deciding factor for many property buyers and tenants. As a result, areas benefiting from new rail links or improved stations often see a huge increase in desirability and subsequently property values, and Ealing is no exception.
The arrival of Crossrail in 2019 at both Ealing Broadway and West Ealing stations will mark a new record in travel time for those living in the area. Journey times will literally be halved for many commuters, with a train from Ealing Broadway to Bond Street taking just 11 minutes, to Heathrow a mere 15 minutes, and travel to Canary Wharf which currently takes 44 minutes, taking only 25 minutes. As demand rises, so too are property prices, with the Land Registry reporting a 19.1% rise in average property prices in the borough of Ealing in the past year. In fact, a report commissioned by Crossrail itself, predicts that by 2021, property values around Ealing Broadway station can expect to have risen by 27% above the average rise for the borough of Ealing.
At KFH, this certainly echoes the huge levels of activity we’re seeing from investors keen to capitalise before the 2019 completion date, with around 20% of our registered buyers being investors looking to add a rental property in W5 to their portfolio. Families are also a key demographic for the area, appreciating the good quality housing stock, reputable schools and thriving retail market. The strong family market has had a big impact on local property values, with competition reaching such high levels that we recently achieved £200,000 above asking price on a four bedroom family home near Ealing Common. Whereas a few years ago achieving £1million on a property in Ealing was reserved only for very special homes, it is now the norm and seeing even £3million isn’t uncommon.
Despite this, Ealing is incredibly varied and therefore still offers good value for first time buyers with a one bedroom conversion flat near to the station costing in the region of £350,000.
As we near closer to the opening of the Crossrail, we can expect to see demand among all demographics continue to soar, but as always, the early bird gets the worm!