Demand for suburban property is on the up as home buyers in London widen their search to areas that will be served by the forthcoming Crossrail commuter service, which is due to fully open in 2019.
Demand for property in London’s zone one may have dropped by 20% in the past year, but demand for property situated in suburban London, and areas within commuting distance of the capital, has sky rocketed.
House prices in areas such as Reading, Luton and Slough are currently experiencing the fastest growth in the country.
The new Crossrail, a trans-London train line, which is due to open fully in 2019, will run from Reading in the west to Essex in the east.
The service will offer new potential to buyers looking to stay within a commutable distance to London.
As such demand-based research from online estate agency e-Moov, shows the strongest increase in demand over the past year has been in the outer Boroughs of London, near the new Crossrail stations.
Currently, the top ten hotspots are:
- South Ruislip - zone 5; 75%
- Eastcote - zone 5; 71%
- Ruislip Manor - zone 6; 71%
- Debden - zone 6; 68%
- Northwood Hills - zone 6; 67%
- Hornchurch - zone 6; 66%
- Ruislip - zone 6; 66%
- Dagenham East - zone 5; 65%
- Rayners Lane - zone 5; 65%
- Dagenham Heathway - zone 5; 65%
Outer London zones, such as Park Royal and Hanger Lane, are also in high demand, as home buyers widen their options geographically, in order to find an easy, affordable and commutable property solution.
Historically popular areas such as Acton and Ealing, meanwhile, have become so unattainable price-wise, that demand has dropped as home buyers look further north and west, to more up and coming neighbourhoods.
For example, the average price of a flat in Park Royal, west London comes in at £375,187, well below similar options in Ealing.
Both areas are near new Crossrail stations however, with Park Royal located only slightly further out.
As for north west London, the cluster of neighbourhoods around Ruislip are particularly in demand and house builders in this area are currently very active.
House prices around Ruislip are below the London average and flats can be found for less than £300,000.
Russell Quirk, the founder of online estate agency eMoov, said:
“It will be interesting to keep an eye on the parts of London due to benefit from Crossrail, particularly that pocket of Park Royal and Hanger Lane up to the Ruislip area.
"I expect homeowners already living here will see a significant value increase on their property over the next few years and those looking to sell, should certainly consider holding out until Crossrail is up and running at least.”
The scores were calculated by eMoov, which measures demand by comparing the proportion of properties sold over a specific time period to those for sale.
In most of the top 10 hotpots, house prices are below the London average, which has now topped £500,000.
The areas which have seen the greatest year-on-year increase in demand are:
- Park Royal - zone 3; 113%
- Golders Green - zone 3; 86%
- Hanger Lane - zone 3; 73%
- Colliers Wood - zone 3; 57%
- Cannon Street - zone 1; 54%
- Euston - zone 1; 52%
- West Ham - zone 2; 48%
- Chigwell - zone 4; 45%
- Upton Park - zone 3; 44%
- Upminster Bridge - zone 6; 42%