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Crossrail creates property hotspots in Essex

By Nicki Treffers - 24 January 2017

House prices near the soon-to-launch Crossrail ‘Elizabeth Line’ service in Essex have soared by as much as 54% in just three years according to our latest research.

The research showed that areas close to an ‘Elizabeth Line’ station, such as Gidea Park, Brentwood and Shenfield have rocketed; for example: an average family home* in Brentwood has leapt from £325,000 in 2013 to £500,000 in 2016 a rise of 54% in just three years**. In the last year alone the price has gone-up by 11% at a time when other areas in the East of England grew by only 6%*** according to the House Price Index by Rightmove

Properties in Gidea Park have risen on average by 34% whereas other areas in Greater London have reported a 0.1% fall in house prices***.  The research also revealed properties in the much sought-after town of Shenfield have leapt by as much as 38%, where a three-bed semi will cost £600,000, whereas the national average house price is £216,674****.

Terry Holmes, Director, Beresfords, is not surprised by these statistics. He says: “There is a huge demand for housing in Essex from commuters. Although Essex has seen substantial price hikes it is still a very affordable option compared to other home county locations.”

He continued: “The arrival of Crossrail will offer commuters faster connections to London Liverpool Street, and when the line is fully opened, offer quick and very accessible links to central London, Canary Wharf, London Heathrow and further afield.”

Crossrail will officially open its services from Shenfield to London Liverpool Street in May 2017 and the full line and range of services are due to open in December 2019.

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CROSSRAIL HOUSE PRICE STATS**:

 

I Bed Apartments    Town          2013       2014       2015       2016       % INCREASE

                                 Gidea Park  £150K      £160K        £175K    £200K          33%

                                 Brentwood   £150K     £175K        £200K    £225K          50%

                                 Shenfield      £200K    £220K        £240K    £275K          38%

 

3 Bed Semi Detached   Town      2013       2014       2015       2016       % INCREASE

                                   Gidea Park  £350K    £400K      £430K     £475K          36%

                                   Brentwood   £325K    £375K     £450K     £500K          54%

                                   Shenfield     £435K    £500K     £550K     £600K          25%

 

 

4 Bed Detached            Town      2013       2014       2015    2016         % INCREASE  

                                   Gidea Park  £620K    £680K      £750K    £825K          33%

                                   Brentwood   £500K    £550K      £625K    £750K          50%       

                                   Shenfield     £675K    £750K      £850K    £900K          33%

 

 

 

Homes for Commuters:

This four-bed house in Gidea Park costs £950,000 and is set in a prestigious cul de sac located only a 0.4 mile walk from Gidea Park mainline station (Crossrail Zone 6). This amazing home is beautifully presented and offers a stunning kitchen/family room which leads into the orangery overlooking the substantial rear garden. The ground floor also has a bay fronted lounge, wc, utility room, study/games room and large entrance hallway. The first floor has four bedrooms with built-in wardrobes and luxurious bathroom incorporating a roll top bath and separate shower cubicle. Externally the property benefits from a large driveway, plus a rear garden measuring approximately 127ft at its longest point with mature trees.

This beautifully styled three-bedroom detached character house is just 0.4 miles from Shenfield station and costs £685,000. To the ground floor there is a large entrance hall giving access to the well laid out living room and dining room. The kitchen is fully fitted with space for a range cooker amongst other appliances. There has been a large utility room and downstairs cloakroom added to the rear of the property. To the first floor there are three double bedrooms and a family bathroom. Externally there is off road parking on its own driveway for three vehicles and an elevated sunny rear garden with some lawn space.

This stunning one-bedroom apartment is located on the sought-after Base development and is conveniently situated within walking distance of Brentwood mainline railway station for £250,000. The accommodation includes open plan lounge/kitchen with integrated appliances and private balcony, bathroom with Villeroy & Boch sanitary ware and double bedroom with built in wardrobe. The property also benefits from secure underground parking space and lock up storage cage.

To find out more please contact your local Beresfords branch.

*average family home – three bed semi-detached house.

** CROSSRAIL HOUSE PRICE STATS (Study undertaken by Beresfords branches):

***December House Price Index – Rightmove http://www.rightmove.co.uk/news/house-price-index/

**** http://landregistry.data.gov.uk/app/ukhpi - Average House Price, October 2016.

 

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