Where to buy in London: the ultimate property guide to the best-value areas in Zones 1-6
The newly named Elizabeth line, formerly known as Crossrail, is forecast to bring an extra 1.5 million people within 45 minutes’ commute of the capital’s key employment districts.
Trains start running in 2018 and the prospect of a faster journey and a more integrated Tube network should be a spur for anyone searching for a home to buy or rent with an easier journey to work.
Crossrail: 40 essential facts homebuyers need to know
Despite high property prices forcing more people to consider moving further out, new research reveals stark price differences within each travel zone, including Zone 1, and how, by travelling just one stop further on the Tube you can get a far more affordable home without having to go miles out.
“The Tube map is a fascinating way of breaking down the London property landscape,” says eMoov’s Russell Quirk. “Doing your homework can result in a considerable reduction in the price you will pay for a property.
“Moving one stop and one zone from Turnham Green [Zone 2] to Acton Town [Zone 3], only four minutes down the District or Piccadilly line, will save you £400,000 on the price of the average property.”
Where to start your search
Even turning left rather than right out of a Tube station can make a difference.
In outer boroughs, you can often save money by buying a home one or two stops closer in rather than at the end of the line. In general, homes within a five to 10-minute walk of a station are the most expensive — even pricier than those that are right next to one, though that is changing with mainline station redevelopments that include smart new homes, such as at King’s Cross.
Prices drop markedly for homes more than 15 minutes’ walk away. “Almost every buyer and renter coming through our doors wants to be near the station,” says Nick Davies of east London estate agent Stirling Ackroyd.
Brixton, on the Victoria line, is 15 per cent more expensive than neighbouring Camberwell, which has no Tube. Lower-priced areas are being opened up by transport upgrades, not just the Elizabeth line but the proposed Bakerloo line extension through south-east London.