House prices soar in Slough, Reading due to Crossrail development

Slough and Reading have gained significantly from the Crossrail project as house prices have soared since the announcement of the rail project in 2014.

Crossrail spans from Reading and Heathrow airport in the west to Shenfield and Abbey Wood in the east to connect major employment centres in the City and Canary Wharf to Berkshire and Essex. The 40 station route rail project, which is currently under development, will be called the Elizabeth Line when it opens in December 2018.

The west side of the route saw a significant rise in house prices, according to research by Nationwide. House prices in Slough increased by 39% and in Reading by 33% since April 2014, compared the the regional average 22% increase.

Average house prices in Slough have historically been around 15% to 20% lower than the regional average, but the recent growth due to Crossrail means prices are now around 6% lower than the southeast average.

Following the announcement of the Crossrail project, the number of homes sold in the three months to August 2014 was up by 24% year-on-year in Wokingham, against the average 16% in the region.

Nationwide economic analyst, Andrew Harvey, said: “The new Elizabeth Line is likely to make Slough an attractive proposition for London workers who prefer not to live in the capital as journey times will be around 15 minutes faster into central London and 20 minutes faster to the Docklands. It’s not just a place to live and commute either, as recent research also indicated that Slough is becoming one of the UK’s top creative hubs for business and employment … it’s clear that Slough is becoming a more attractive proposition for people to live.”

The Elizabeth Line does not extend as far east as it does west, only reaching Brentwood and Shenfield outside of the capital which is why the effect on house prices in the region is more muted.

House prices in Brentwood, including Shenfield, increased by 43% since May 2010, compared to 36% average in the east of England. Over the past two years, house prices in Brentwood increased in line with those in the rest of the region.

Compared to the western areas, Nationwide said lower growth in the east may be due to the area already having good transport links to both The City and the Docklands through Greater Anglia services and that the Shenfield metro is now operated by Transport for London.