The ‘Crossrail effect’ is well-known by property investors in the UK. Towns that benefitted from the arrival of a Crossrail station have experienced a surge in popularity, driving prices upwards.
This growth is particularly noticeable in Essex, which has resulted in considerable investor interest in the area. Here’s more information.
Essex – House Prices Soaring in Crossrail Locations
If you’re thinking of investing in property in the UK, Essex is an excellent place to start searching for buy-to-let property for sale. Properties close to Crossrail stations have experienced particularly high price growth in the last three years – with some locations soaring by as much as 54%.
In 2013, a three-bedroom semi-detached property in Brentwood would have cost around £325,000. Now, you can expect to pay £500,000 – a rise of £175,000. Indeed, local property investment agents state that prices have risen by 11% in the last year alone, which is considerably higher than the region’s average growth of 6.4%.
Another high-performing town in Shenfield, which has seen property prices rise dramatically after the announcement that the area would be on the Crossrail line. Interestingly, one-bedroom flats have experienced the most growth in price (37.5% on average). This suggests that it’s young professionals and single commuters who are dominating the market here, and who may also be looking for rented accommodation.
Essex – A Savvy Choice for Property Investors?
Admittedly, prices have risen considerably in recent years. However, experts predict that this upward trend will continue, making early investment a wise idea. In short, if you invest in property in Essex now, you’re likely to experience good capital growth as a result.
Essex has a number of things going for it. It’s a far more affordable option than other ‘commuter-belt’ locations, and the arrival of Crossrail means that commuters can enjoy faster connections to Central London. Likewise, it’s easy to get to the capital’s airports, such as Heathrow, Gatwick and Stansted.
The Crossrail line will be fully open in December 2019, though Shenfield’s station will be in operation from this May onwards.
How to Secure a Bargain
- Talk to the right people. Don’t buy blind. Talk to property investment agents or local specialists, who can tell you which areas are likely to experience capital growth in the future.
- Property auctions. Buying a house at auction is a terrific way to save money on your purchase, and boost overall profits as a result. If you’ve never attended a house auction before, it’s worthwhile visiting one to see how it works before jumping in yourself!
- Research the areas. Some areas of Essex are performing better than others. Do your research before you make an investment. Property seminars often have information about specific areas, or alternatively, search online to find out which towns are enjoying good growth.
The Buy2Let Shop Limited
If you’re investing in property in the UK, and you’d like advice and support throughout the process, talk to The Buy2Let Shop. We’re a team of expert property investment agents, and we’ll help you to find the right property for your requirements.
We also offer assistance with buying a house at auction, and hold regular property investment seminars, designed to boost your knowledge of the current property market. For more information, please visit The Buy2Let Shop website today.