A convenient commute on Crossrail
The official opening date for the Elizabeth line was the 24th May, providing commuters with swift access into central London from Heathrow, Reading, Abbey Wood and Shenfield.
Recent research by Share to Buy has found that house prices near Crossrail stations have experienced significant growth over the last few years, with properties in the popular new transport areas now commanding a significant price premium. For example, homes close to Abbey Wood station have increased by 82% since 2019, now sat at an average of £423,759. In addition, average property prices near Acton Main Line and Southall have grown by 19% and 9% respectively since 2019.
With prices on the up, and Crossrail open, many first-time buyers are finding themselves priced out of the highly sought after Elizabeth line locations.
However, alternative routes to homeownership, such as Shared Ownership, are helping to open up the property market. Typically offering lower deposits and monthly repayments than those on the open market, the scheme is putting homes near Crossrail stations within reach for first time buyers.
The part-buy part-rent scheme allows eligible first-time buyers to purchase a percentage share of the value of their new home, while paying a subsidised rent on the remaining share. Both the deposit and monthly costs are based on the owned share, rather than the full market value, which means that repayments are often much lower than those traditionally found on the open market.
Showcasing the best in affordable homes, leading Shared Ownership property portal Share to Buy have rounded up five of their top Shared Ownership developments along the Elizabeth line.
Poplar HARCA, Landmark Pinnacle – Canary Wharf Station
Situated in the heart of Canary Wharf, Landmark Pinnacle is listed as the tallest residential tower in Europe, providing unrivalled views across the capital. Less than half a mile from Canary Wharf Station, the development is just moments from the highly anticipated Elizabeth line, connecting commuters to Paddington in 17 minutes. Poplar HARCA is currently offering customers a furniture voucher upon purchase, providing a £3,000 voucher for one bedroom apartment buyers, and a £5,000 voucher for those purchasing a two bedroom home. Alongside the stylish apartments, Landmark Pinnacle is also home to a wide range of amenities, including a cinema, gym, resident’s lounge, golf simulator, private dining rooms, viewing platform, games room and garden. Shared Ownership prices at Landmark Pinnacle start from £136,250 for a 25% share of a one bedroom apartment (FMV: £545,000).
Notting Hill Genesis, Oaklands Rise – Old Oak Common Station
The new Old Oak Common Station is the only place where HS2 and Crossrail will intersect, making this area a world class transport hub. Just a three minute walk away from the station, Oaklands Rise by Notting Hill Genesis is a collection of two bedroom apartments available through Shared Ownership in Willesden Junction. Found in the centre of the £26 billion Old Oak and Park Royal regeneration scheme, the development will feature on-site facilities for residents, including a 24-hour reception and security, together with a dedicated concierge service and an exclusive resident’s lounge and work hub. Shared Ownership prices at Oaklands Rise start from £102,000 for a 25% share of a two bedroom apartment (FMV: £408,000).
L&Q at Acton Gardens – Acton Main Line
Located a 10 minute cycle from Acton Main Line, L&Q at Acton Gardens forms part of the award-winning regeneration of the South Acton Estate, delivering a collection of two and three bedroom Shared Ownership homes. One of the largest regeneration projects in London, the neighbourhood-friendly design places community integration at the forefront, delivering a wide range of public facilities for residents – including several communal gardens, a new sports ground, and a shopping plaza. The homes themselves have been designed to be energy efficient, each apartment at L&Q at Acton Gardens is fitted with solar panels and there is an on-site energy centre which will supply some of the development’s heat and power – reducing residents’ carbon footprint. Shared Ownership prices at L&Q at Acton Gardens start from £133,125 for a 25% of a two bedroom apartment (FMV: £532,500).
Peabody, Southmere – Abbey Wood Station
Peabody is marketing a collection of Shared Ownership and Help to Buy homes at Southmere, a new collection of one, two and three bedroom apartments in Thamesmead. Located a 10 minute walk from Abbey Wood Station, residents will have easy access to central London with the opening of the Crossrail later this month, with journey times set to be almost halved with Paddington reachable in just 29 minutes. Southmere is one of the first milestones in Peabody’s ambitious regeneration of Thamesmead, a 30-year project delivering over 500 homes as well a public square with a community library, shops, and resident facilities. Prices start from £91,500 for a 30% share of a one bedroom apartment (FMV: £305,000).
Octavia, Ealing Bond – West Ealing Station
Ealing Bond by Octavia is an affordable solution for first time buyers searching for a speedy commute and connections that Crossrail will bring. The collection of one, two and three Shared Ownership apartments in West Ealing are just a five minute walk from West Ealing Station, reaching Paddington in just 12 minutes, and only a 14 minute walk from Ealing Broadway Station. Tucked away from busy roads and the bustle of central Ealing, the development offers a calm location for residents seeking the best of both worlds, with both tranquil parkland and buzzy amenities moments away. Prices start from £113,750 for a 25% share of a one bedroom apartment (FMV: £455,000).
For more information on the homes mentioned here, visit sharetobuy.com.
About Share to Buy
Share to Buy is the leading online portal for Shared Ownership properties. Established in 2004 as the UK’s first specialist online mortgage broker for affordable homeownership products, the site has since developed into a one stop shop for first time buyers, offering the country’s largest listing of Shared Ownership homes for sale.
To date, we have received over half a million registrations in London alone, with thousands of properties currently listed from some of the UK’s largest housing providers, including Hyde New Homes, L&Q and Metropolitan Thames Valley.
