Crossrail Elizabeth line: The area of London where house prices are below average at £366,505 with a direct route to London
After long delays, the Elizabeth line finally open to the public yesterday (May 24) connecting parts of South East London to the centre. Prior to its opening, those living in Abbey Wood could only really get into Central London on a Southeastern train, getting you to Charing Cross in about 40 minutes.
The brand new line means that’s all in the past and travel times have almost been cut in half with it taking just 28 minutes to reach London Paddington. With 12 trains fast trains an hour, Abbey Wood might be sounding like an attractive place for commuters and first-time buyers and compared to other areas of London it’s a lot more affordable.
In terms of what’s on offer to buy, Abbey Wood has a real mix of properties. Across from the train station are rows of popular Victorian terrace houses as well as semi-detached 1930s houses just south of the town centre. For those after newer built properties, there’s a whole regeneration project going on in the area with housing association Peabody working with the local authority to build a brand new collection of one, two and three-bedroom apartments.
Ray at Hunters Estate Agents in Abbey Wood said that the property market is through the roof at the moment with houses selling on the same day after an open house has been held. He said: “We’ve been overwhelmed with properties with some people paying way over asking price. I think a lot of people we’re holding off buying and selling because they were waiting for the new line to open but now that it has we’re expecting it to blow up.”
Paul Fryer, Partner at James Gorey Estate Agents said that he’s certain that the vast majority of people they’re meeting at valuations who moved here since the recession, purchased because of Crossrail. He said: “For now we can be sure that prices have been rising higher and higher and look very much like they will continue to do so. Abbey Wood’s future looks very promising for the property owner.”
He added that rental prices have seen a huge 15-25 per cent increase over the past two years. In 2020, a typical one-bedroom flat would let for £950 – £900 per calendar month but nowadays £1000 – £1200pcm is commonplace. A two-bedroom flat or house would achieve £1,000 – £1,200pcm two years ago, nowadays people are paying anywhere from £1,300 – £1,500pcm. Three-bedroom flats and houses which were renting for £1,300 – £1,500pcm two years ago, and are going for £1,450 – £1,850.
According to Rightmove properties in Abbey Wood had an overall average price of £366,505 over the last year. The majority of sales in Abbey Wood during the last year were terraced properties, selling for an average price of £385,621. Flats sold for an average of £316,939, with semi-detached properties fetching £434,885.
It’s not just the Elizabeth line that the area offers in terms of transport, Abbey Wood is located just over 10 miles from Charing Cross and has London bus routes that go to Lewisham, Thamesmead and Tottenham Court Road. Close to the train station you’ll find a mix of shops including independent cafes, butchers and chain shops. On Plumstead High Street there are a number of tandooris and noodle bars to choose from.
Green space is abundant in the area with Bostall Gardens and Abbey Wood Park. A new Sainsbury’s supermarket has also just opened and there’s a retail park in Thamesmead not too far away where you’ll find a selection of shops like Aldi, Wilkinsons, Argos and Lidl.
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