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Crossrail’s Impact in Borehamwood

Posted on Friday, January 25, 2019

For Borehamwood residents, the recent addition of the Crossrail (Elizabeth Line) route, and the forthcoming Crossrail 2 route, might not seem very relevant news. Neither of the routes come near the area, and besides, with a commute into Central London of just 23 minutes, most locals are happy with the way things are.

While the Crossrail services won’t directly impact Borehamwood, it’s likely that there will be some indirect impact in the future. Here’s further information.

The Migration from Central London

The Elizabeth Line has opened fresh opportunities for residents of Central London, particularly those looking to invest in property that was cheaper than the London average.

The new route will mean faster commuting times from established ‘commuter belt’ towns such as Ilford, Romford and Slough, plus more options further out (for example, travel times from Reading will be slashed, making it a more viable option for London workers).

In fact, some commutes will be slashed by 80%, which, combined with cheaper house prices, is definite motivation to move.

The Crossrail 2 Line

The same looks set to happen with the Crossrail 2 line, which is chalked to run from Broxbourne to Epsom. Already, investors are zoning in on properties in towns along the scheduled line – which in turn is pushing prices up.

The big question is – what does this mean for Borehamwood?

The ‘Ripple Effect’

The much publicised ‘Crossrail effect’ means that houses near to a Crossrail link have risen in value – in some cases by as much as 66% since 2009. One expert discussed the “additional benefit it brings to some of the lower-value locations along the route. It is supporting regeneration through improved accessibility and as a result offers a longer-term capital growth potential.” (1)

However, eventually there will come a point when these areas start to become less appealing, due to their elevated property prices. What happens next? People start exploring areas that are a little further out.

Borehamwood’s Appeal

This is when Borehamwood property prices may well start to rise. Average home values have been rising steadily in recent years anyway (even without a Crossrail station!), with 2017 seeing growth of 4.73%. (2)

Once prices in Crossrail locations start to make the areas less affordable, it’s only natural that home-buyers will start seeking alternatives – and with short commutes, a thriving community and plenty of local amenities, Borehamwood is likely to appear top on many people’s lists.

Buying Property in Borehamwood

Of course, it’s impossible to predict with any certainty what will happen in the future. However, given that house prices have risen by 44% in the last decade, (3) we suspect that Borehamwood’s appeal will continue to grow. In short, investing in property in the area now might be a shrewd move, in order to make the most of the potential capital growth.

As for Crossrail? Given the positive response to the first route, and the forthcoming Crossrail 2, a further route may be suggested a few years down the line – and Hampstead, Hendon, Edgware and Borehamwood all look likely candidates for getting a Crossrail station in the future.

 

References

1)      https://www.homesandproperty.co.uk/property-news/buying/new-homes/where-to-buy-along-the-elizabeth-line-the-crossrail-effect-boosts-house-prices-in-southeast-london-a116586.html

2)      https://www.foxtons.co.uk/living-in/borehamwood/

3)      https://www.zoopla.co.uk/house-prices/borehamwood/

http://www.dailymail.co.uk/travel/travel_news/article-5198137/How-Crossrail-slash-journey-times-London.html

http://www.crossrail.co.uk/route/near-you/?xmin=-0.9416914205917879&ymin=51.30898260769241&xmax=0.36499498077363873&ymax=51.67195835938198

https://cr2.maps.arcgis.com/apps/webappviewer/index.html?id=21a7f72dfd0c443db5733bd81a707a67