When the Heathrow to Paddington section of London’s new Elizabeth line opens in May 2018 it will serve not just to shrink the capital (journey time between the two will be a mere 23 minutes), but also add value to neighbourhoods close to stations along the route. This will create a number of property hotspots – the hottest of which promises to be Ealing.
Ealing is one of the capital’s greenest boroughs with several parks and open spaces as well as a major retail and commercial centre. The area offers good value for money compared with more established prime locations nearby: a semi-detached house costs on average 56 per cent less in Ealing than in nearby Chiswick, for example. Equally, while prices for prime properties across West London increased by just 4.2 per cent over the last year, price growth in Ealing was 6.7 per cent.
Housing stock in Ealing is characterised by Victorian and Edwardian terraced, detached and semi-detached homes. However, new developments are already attracting demand from increasingly affluent occupiers.
Dickens Yard is a mixed-use development 300 yards from the new Crossrail station at Ealing Broadway. It has recently released the final phase of 29 new-build units, called Elizabeth Apartments, offering two- and three-bedroom homes and a duplex penthouse.
One stop to the west of Ealing Broadway is West Ealing which will also be served by the new Elizabeth line. This area has several developments in the pipeline, including Drayton Place, a collection of 23 one-, two- and three-bedroom apartments on Drayton Green Park.
Over the next five years, Oxford Economics forecasts that employees in the Professional, Scientific and Tech industry will become the largest employment industry in central London. At just 11 minutes from Bond Street and 18 minutes from Liverpool Street on the new Elizabeth line,Ealing will be well placed to draw on the newly created wealth that will result, as Tech buyers in particular look to emerging and maturing prime markets.
Read more: Savills Spotlight - Ealing