The Crossrail project and the planned Elizabeth Line station has led to the increase of housing prices in the areas of Romford and Bedford. A report that has been carried out by Balgores Property Group that the average cost of 2-3 bedroomed semi-detached properties that are located near to the train station in Romford has increased by 20% each year. In this area, the average price of property is now £405,000 which means that there has been an increase of £79,250 from the 2016 average price.
The report shows that those who are looking to buy a flat will have to pay an average of £262,500. Flats close to the new Crossrail routes have also seen a price increase of 21%, or £57,500since 2016. The property crowdfunding platform Property Partner has also found that 60% of the areas that are around the new Elizabeth line have seen better than average house price increases over the past decade. With the line due to be finished by the end of 2018, the areas around the Crossrail project are about to have their transport links improved which makes the properties more popular.
The research that has been carried out was taken from Zoopla. The data shows that property prices I the area have risen by 48.97% over the course of the last five years. In Romford, house prices were £241,027 in 2012; now the average price is £359,058. Brentwood has experienced similar house price increases, with the area benefitting from a 32% average price increase from £387,432 to £512,713 since 2012. The reduction to commuter times are making these boroughs of London more popular with commuters. The Boroughs of Romford and Chelmsford are also undergoing multi-million pound regenerations, making the areas more appealing for those looking to buy in the area and further increasing the property prices.