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HONG KONG

London’s Elizabeth Line: Where is best to buy your home overseas?

Crossrail's development continues to boost property values as many London neighborhoods become more accessible


AP-HK-IRP-Elizabeth-Line-Map-Banner-170718-Image.jpgCross-London commuting has just become a little quicker and easier, with the opening of Stage 2 of the Elizabeth Line—part of the UK capital's massive Crossrail project. Many locations along the new Line are expected to benefit from higher property values as well as new development and regeneration funding. We expect residential prices around Crossrail stations to have increased between 7% and 16% above the Greater London average between 2016 and 2020.

Serving around 200 million people each year, the Elizabeth Line will stretch from Heathrow Terminal 4 and Reading in the west to Shenfield in the east and will reduce travel time from one side of London to the other to less than 1.5 hours. Stage 2 runs from Paddington to Heathrow, while Stage 3, opening in December 2018, adds services from Liverpool Street to Shenfield and Paddington to Abbey Wood. 

 "Even though the Elizabeth Line has been being built for many years, many neighborhoods are still set to benefit," explains Mandy Wong, our Head of International Residential, Hong Kong. "It takes time for developers to plan buildings and bring them to the market, so there are still a lot of good residential investment opportunities opening up". 

"We're seeing a greater number of higher quality products along the line becoming available, all of them sound investment opportunities," she adds. "Thanks to these more mature developments, investors have a greater number of high-quality properties to choose from. There are now more amenities and better infrastructure is being put in place along the Elizabeth Line, making these districts more attractive areas to live and to invest in."

Where to Invest 

With so many areas set to feel the advantages of an Elizabeth Line connection, we've mapped out the best opportunities for international investors.

AP-HK-IRP-Elizabeth-Line-Map-Properties-170718-Image.jpg Click to view full-screen

Acton

Set to be just one stop away from central London on the new Elizabeth Line, this west London neighborhood will be home to a Crossrail Interchange station.

Thanks to an ambitious 15-year, £600 million regeneration program, a string of tower blocks is being transformed into a new 'urban village,' complete with 2,700 homes, as well as parks, communal gardens, and allotments. Imperial College London is also investing heavily in the area, developing a 78,400 square foot site, including a Halls of Residence for 700 students.

According to our forecasts, Acton is one of the locations that will experience the greatest rental growth before the end of 2020 — up by around 33% compared to 2016. The majority of this growth is expected to come once Crossrail is up and running, so opportunities still exist for buyers looking to optimize their return on investment. 

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Portal West, Acton

Developer: City and Docklands Properties Ltd. 

Nearest Elizabeth Line station: Acton

Unit types: 1 & 2 bedrooms

Starting Price: £558,000


Bond Street

Already world famous for its wealth and high-end stores, a £10 million investment is underway to ensure Bond Street in London's West End remains the epicenter of London luxury.

Its Elizabeth Line access will cement its status as one of the busiest shopping districts in the UK: According to Crossrail, Bond Street will accommodate more than 225,000 people traveling to the area via the Jubilee, Central, and Elizabeth Lines daily.

While centrally located areas along the Elizabeth Line are predicted to experience slower price growth than many less developed locations, they are still ideal for investors with low risk appetites who are interested in wealth preservation and want to invest in a more mature district.

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Hanover Bond, 22 Hanover Square, Mayfair, London W1S 1JA

Developer: Clivedale London

Nearest Elizabeth Line station: Bond Street

Unit types: Studio, 1, 2, 3 bedroom

Starting price: £1,999,000


"With its luxury apartments, Mayfair address, and close proximity to Bond Street, Hanover Bond has all the ingredients of a trophy asset," says Wong. "Overseas investors often want to see promised changes actually happening, as well as funding flowing into an area, before they are willing to put money down."


Canary Wharf

Today, Canary Wharf's cluster of skyscrapers in East London is home to the some of the world's biggest banks, including HSBC, Morgan Stanley, and Citigroup. Attracted by the promise of improved infrastructure and transport links associated with Crossrail, the number of people who work and live in the area is set to double in the coming ten years. 

Even though Canary Wharf has been expanding exponentially since 2008, it's still a great prospect for investors, says Wong. "Canary Wharf has been sold for years on a future promise of quick connections to Heathrow and other developments," she explains. "Now we seeing that infrastructure coming to fruition, with benefits spreading along the line."

AP-HK-IRP-Elizabeth-Line-LandmarkPinnacle-170718-Image.jpg Landmark Pinnacle, London E14

Developer: Chalegrover Properties Ltd.

Nearest Elizabeth Line station: Canary Wharf

Unit types: Studio, 1, 2, 3 bedrooms

Starting Price: £562,750


AP-HK-IRP-Elizabeth-Line-OPD-170718-Image.jpg One Park Drive, London E14

Developer: Canary Wharf Group Plc.

Nearest Elizabeth Line station: Canary Wharf

Unit types: Studio, 1, 2, 3 bedrooms

Starting Price: £665,000


Paddington

Home to one of London's most famous stations, with transport connections to the west of England and Wales, Paddington is one of the most appealing areas along the Elizabeth Line for property investment.

The area's infrastructure and amenities have developed steadily over the last 20 years, attracting a number of large businesses and corporations, and it is currently undergoing a £1 billion regeneration program. Crossrail will enhance this further and is expected to lead to an increase in demand from both buyers and renters. 

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West End Gate, 283 Edgware Road, London W2

Developer: Berkeley Group

Nearest Elizabeth Line station: Paddington

Unit types: 1, 2, 3 bedrooms

Starting Price: £935,000


Whitechapel

Whitechapel is expected to be one of the Elizabeth Line's biggest winners. Already benefitting from regeneration funding, the area is also the focus of investment by Queen Mary, University of London as the home of its BioEnterprises Innovation Centre and Life Sciences campus.

We forecast that Whitechapel will see some of the highest house price growth before end-2020, as well as the biggest jump in rental rates, with an uplift of almost 36% on 2016. For investors looking for good yields, the time to buy in Whitechapel is now—it's thought that the majority of the upswing in rental rates and house prices will come once Crossrail is completed in December 2019.

"This location offers a good opportunity for those keen to invest in an up and coming area", says Wong. "Like Acton, buying in Whitechapel means investing in the future of the area. Crossrail and the new Elizabeth Line will make Whitechapel one of the most connected places in London." 

AP-HK-IRP-Elizabeth-Line-SilkDistrict-170718-Image.jpg The Silk District, London E1

Developer: Mount Anvril

Nearest Elizabeth Line station: Whitechapel

Unit types: Studio, 1, 2, 3 bedrooms

Starting Price: £465,000


All lines lead to London

Of course, the Elizabeth Line isn't the only reason to invest in London—but it is an extra incentive.

"Even with stamp duty costs, London offers more affordable investment opportunities than Hong Kong, Canada or Australia," explains Wong. "London remains a safe haven for international capital and investor confidence hasn't been significantly impacted by 'Brexit' negotiations. The bottom line is that London is a very international city, with good platform infrastructure, that still offers great opportunities and returns."

For more International Residential Listings, visit internationalresidential.jll.com.hk or contact Mandy Wong.