The Crossrail Effect In Romford

With commuting times from Romford to London being slashed, house prices in Romford are quickly on the rise. Experts have said that the average house in Romford and along the Elizabeth Line will rise by around £133,000 between now and when the first train runs out of the station.

Looking at the average asking prices of homes in Essex over the last year it is clear to see a sharp rise, with a 29.5% rise in house prices in Ilford, a 28.9% rise in house prices in Harold Wood and a 27.3% rise in house prices in Romford taking the average house valuation in Romford up to £267,950.00 – much higher than the previous year.

It is expected that the new line will shave at least 10 minutes off the commute to London and this will result in the price of homes rising by around 17% over the next 5 years, which will outperform London where there is an expected rise in the price of houses by just 15%.

Experts have also stated that they feel Crossrail will be a catalyst for Build to Rent apartment schemes due to the location and popularity of the location do to the new rail lines and shorter commute. It is expected there will be a huge rental growth along the Elizabeth Line over the next five years.