Where to buy along the Elizabeth line: homes near Crossrail stop Custom House cost less than half the London average — for now

Emily Wright20 March 2020

London’s progress is fuelled by constant evolution. For most of the city’s boroughs, this goes hand in hand with regeneration.

Whether it’s a minimal uplift in a well-heeled district or a significant overhaul in an up-and-coming area, the phenomenon is all around us.

For Custom House, one of the far eastern stops set to benefit from being on the Elizabeth line when it opens in a year’s time, the base fundamentals have never looked better.

Average local property values are about £318,000, still affordable despite a 52 per cent increase in the last five years and, once Crossrail is up and running, the commute into central London and across the city will be slashed.

The current 24-minute journey to Liverpool Street will drop to just 10, while it will take 20 minutes to get to Paddington and 45 to get to Heathrow compared to the current times of 42 and 71 minutes respectively.

This makes the district an attractive investment opportunity.

SHAPING THE FUTURE

There can be no denying, however, that E16 has not always been top of home buyers’ lists. Indeed, many Londoners have never heard of it.

Once home to thousands of docks employees, the area — along with neighbouring Canning Town — was made up of dreary acres of post-war council homes that have done little to help elevate it to the dizzying heights of some of its nearby east London neighbours.

Custom House is in the heart of Newham, which saw an overall uplift in property prices of 21 per cent in the 12 months to September last year, making it London’s fastest-rising borough.

Smashing journey times: integrating with the existing DLR station, Custom House Elizabeth line, set to open in a year, is sparking huge development interest in an area already getting £3.7bn regeneration

But Custom House has remained largely overlooked — unlike Stratford to the north and Silvertown to the south.

Industrial pollution, a hangover from the docks days, has made it unattractive to developers.

All of that is set to change. Crossrail will significantly boost the £3.7 billion regeneration programme for Canning Town and Custom House, currently being run by Newham council.

By 2024, the proposal is for 12,000 new homes in the area, along with two revitalised town centres, open spaces for leisure activity, improved local facilities, investment in infrastructure and the creation of thousands of new jobs.

Add to this the fact that new research by developer Notting Hill Sales has found that 90 per cent of Londoners would consider moving to a less-established area of the city to find a more affordable home, and Custom House — where property prices are currently just under 50 per cent below the London average of £658,000 — starts to look like a no-brainer.

ATTRACTIVE NEW HOMES

Swathes of new development in Custom House and Canning Town are already providing attractive new homes.

Flats at Countryside Properties’ East City Point start at £345,000 for a one-bedroom home, from £405,000 for two-bedrooms and from £580,000 for a three-bedroom apartment. Call 020 7473 1198.

From £107,500: 25 per cent of a two-bedroom flat at Royal Albert Wharf. Notting Hill Sales

Hallsville Quarter, the £600 million town centre being created as part of the Custom House and Canning Town regeneration project, has one- and two-bedroom flats for sale off-plan in the 18-storey Discovery Tower from £440,000 and £550,000 respectively.

Notting Hill Housing has a number of projects with shared-ownership flats available.

Opening late next year, prices at Traders’ Quarter, with 24-hour concierge, on-site swimming pool and fitness suite, start from £96,250 for 25 per cent of a one-bedroom flat worth £385,000, and from £131,250 for a 25 per cent share of a £525,000 two-bedroom apartment.

From £96,250: a 25 per cent share of a one-bedroom flat at Traders’ Quarter, Royal Wharf E16. Notting Hill Sales

At Rathbone Market, two-bedroom flats start at £106,250 for 25 per cent of a home with a market value of £425,000, and from £130,000 for 25 per cent of a £520,000 flat.

And at nearby Royal Albert Wharf, prices start at £107,500 based on a 25 per cent share of the full market value of £430,000 for a two-bedroom apartment.

‘I’VE GOT MY OWN HOME FOR THE SAME AS I PAID IN RENT. I LOVE IT’

First-time buyer Tom O’Connor, 31, has lived and worked in London for years and knew that when the time came to put down roots, he wanted to stay in the capital. He sold his car when he moved to Stratford two years ago, so he wanted a home near a station.

Through shared ownership with Notting Hill Sales he was able to buy a new two-bedroom flat at Royal Albert Wharf in E16 which is set to benefit from the opening of the nearby Custom House Crossrail station in December next year.

"I love it": first-time buyer Tom O’Connor was able to buy a new two-bedroom flat at Royal Albert Wharf in E16 through shared ownership

Juliet Murphy

He says: “I’d been renting with a friend in Stratford since 2015 and it was costing us £2,000 a month. But when I was on my own I figured out that shared ownership was the best chance I had to buy my own home.

“My friends and family live in east London so I wanted to stay in the area and Royal Albert Wharf really appealed to me. I was astonished at how peaceful the area was when I first arrived — it feels like a little village centred around the water.

“I registered my name and was able to buy a two-bedroom apartment overlooking the water, which I absolutely adore. My monthly outgoings are around the same as I was paying in rent but I get so much more for my money. And it’s all mine.”