On May 24th 2022, the £14.8 billion Crossrail train line – known as the Elizabeth Line – launched its services in the South East, revolutionising commuter travel and bringing approximately 1.5 million more people within a 45-minute journey to London. Officially part of the TfL network (and now formally on the Tube map), the line is increasing passenger capacity and reduces travel times across the region. This is allowing towns within London’s Commuter Belt to strengthen their position as great locations for homebuyers and investors looking for more affordable alternatives to buy property than London. Here, we delve into the impact that the Elizabeth Line has on Slough and what this means for homebuyers.
Crossrail in Slough
The Elizabeth Line runs through 41 stations across Berkshire, Central London and Essex, passing through some key train stations and creating door-to-door access to key London train stations. For residents living in Slough, this provides a welcomed extension to its existing connection to London Paddington, meaning commuters can now enjoy quicker, more direct journeys to key employment hubs such as Bond Street, Liverpool Street and Canary Wharf.
Together with the town centre’s £3 billion worth of regeneration projects, the Crossrail development has solidified Slough’s rank as one of the best places to live within London’s Commuter Belt.
Commuting from Slough to London
For residents and homebuyers looking to purchase property in the area, Slough’s position on the Elizabeth Line is a game changer. Slough already holds a strong reputation as a thriving business and innovation hub and provides excellent employment opportunities due to its high concentration of global corporate headquarters and prime position within the UK’s “Silicon Valley”. In fact, the Berkshire town ranks in the top 10 for highest average salaries according to 2020 report, and is often touted as the best place to work in the UK by Glassdoor.
Slough’s Crossrail station reinforces this, and its increased connectivity to London’s employment hotspots means that Slough is quickly becoming a strong option for city workers who prefer life away from the hustle and bustle of the capital.
Key journey times from Slough’s Crossrail station includes:
|Tottenham Court Road
On top of this, Slough offers great access to green space, a host of leisure and shopping activities and has even been pitched to become one of “Europe’s top small city of the future” by The Financial Times.
You can find out more about living in the town in our Slough area guide, here.
The “Crossrail Effect” in Slough
Improvements to infrastructure and transport links undoubtedly provide a major boost in property values, and since construction began in 2009, the ‘Crossrail Effect’ has been impacting the local property market across the South East year on year.
In the past, people seeking to buy property outside the capital once restricted their property search to within 28 miles of London. However, the accessibility Crossrail provides has seen the average distance for those purchasing a property increase to around 35 miles, reinforcing the significance of Crossrail’s impact on changing the homebuyer habits and how it has put towns within London’s commuter belt on the map.
Recent figures show that house prices in areas with a Crossrail station have increased by 79% since the project was announced in July 2008, and that this elevates them to approximately 14% above the average price of the wider areas in which the stations are located.
For Slough in particular, Crossrail has also acted as a catalyst for regeneration projects in the local area, which has ultimately stimulated further growth in both property prices and demand.
The area has experienced a 77.2% increase in property prices, with the average price reaching £303,060, according to Land Registry data.
Property in Slough
Despite this increase, property prices in Slough still sit 16% below the South East average and up to 45% less than London, presenting incredible value for money.
With the Crossrail opening and urban regeneration transforming Slough into a vibrant commuter town, the area is now a hot spot for both first-time buyers looking to get more for their money and property investors looking for affordable property with great potential yields and capital appreciation.
SevenCapital has two recently completed residential developments in Slough both offering 1 and 2-bedroom apartments:
The Metalworks is situated in the heart of Slough, neighbouring the town centre and less than 200 metres from Slough’s Crossrail station. It’s just a 15-minute walk from the Queensmere Observatory Shopping Centre with plenty of nearby restaurants, bars and cafés to enjoy.
Each apartment offers spacious, open-plan living with many including terraces or balconies that enable residents to enjoy the outdoors without leaving their home.
New Eton House is situated within walking distance of Slough’s Trading Estate and is beautifully designed to deliver light and spacious apartments just minutes from the thriving business quarter.