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The place to stay on Crossrail: Abbey Wooden home value development and journey instances

Where to live on Crossrail: Abbey Wood house price growth and journey times
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ore than 800 years in the past, Lesnes Abbey was constructed on the borders of London and Kent amidst woodland. Little stays of the abbey at present, however it’s honoured within the identify of the native neighbourhood: Abbey Wood.

This one time railway suburb was marred, publish warfare, by intensive and low grade social housing estates, notably the terrifyingly remoted dystopian Thamesmead, on the banks of the River Thames.

At first sight, careworn Abbey Wooden has been seemingly untouched by the magic of Crossrail. A spot the place the opening of a brand new Sainsbury’s is entrance web page information within the native paper, and the considerably sparse outlets on Wilton Street are referred to, optimistically, as Abbey Wooden Village by Greenwich council.

On the flipside, the Abbey Arms serves sourdough pizzas and negronis in its fairy gentle strewn backyard. Abbey Wooden Village market provides mixture of avenue meals, deli stalls and crafts.

Early adopter: backyard designer Rebecca Erol has lived in Abbey Wooden since 1995

/ Daniel Lynch

Rebecca Erol, 52, was an early adopter of Abbey Wooden, paying simply £48,500 for her two-bedroom railway cottage again in 1995. It’s now value 5 instances that however Erol, a backyard designer (@RebeccaEGardens) has no intention of leaving.

She likes her fairly tree-lined streets, the open areas — significantly the 271-acre Lesnes Abbey Woods, good transport hyperlinks, and sense of neighborhood.

The catch is that there’s not an terrible lot to do. The closest cinema is in Bexleyheath, and for procuring and socialising locals head to Blackheath or Greenwich. “It’s a bit skinny on the bottom if you wish to eat out,” says Erol.

James Brattle, 32, and Adam Mottley, 31, purchased into the Abbey Wooden dream final 12 months. They have been primarily attracted by the truth that their £400,000 price range would stretch to a three-bed townhouse.

Winners: Adam Mottley and James Brattle purchased a three-bedroom townhouse in Abbey Wooden final 12 months

/ Daniel Lynch

The couple moved from Ilford and wanted extra space to run their enterprise, the Classic Vegan Candle Co. “We love that it’s so nicely linked, you may simply pop into central London,” says Brattle. “And it’s nonetheless a kind of locations the place you’re shocked by how a lot you will get on your cash.”

Mottley and Brattle had a gaggle of mates who had already moved into the world, giving them an instantaneous social life.

It’s nonetheless a kind of locations the place you’re shocked by how a lot you will get on your cash.

“We hope that the following stage can be extra infrastructure, like a gymnasium and a few eating places,” says Brattle.

Home value development in Abbey Wooden

Regardless of these shortcomings Abbey Wooden has seen the strongest value development alongside the Crossrail line over the previous decade, and the steam prepare retains on rolling. Costs jumped by an outperforming 7.5 per cent over the previous two years.

Nonetheless, you may nonetheless purchase a 3 bed room terrace for round £500,000, or a barely dated function constructed two bed room flat for simply over £200,000. Renters may discover a two bed room flat for lower than £1,000pcm.

Common home costs since work on Crossrail began

2012: £175,000

2022: £362,870

Development: 107 per cent

Supply: Hamptons

The longer term for Abbey Wooden

Housing affiliation Peabody, which owns the majority of the Thamesmead property, is spending greater than £1bn on reworking it right into a thriving new neighbourhood.

At its first part, Southmere, simply over 500 new houses are underneath building at Thamesmead’s southernmost tip. These went on sale final 12 months and the primary houses are being accomplished now. Costs begin at £91,500 for a 30 per cent share of a one-bedroom flat and £118,500 for a 30 per cent share of a two-bedroom house.

Elizabeth line journey instances

Abbey Wooden to Tottenham Court docket Street: 24 minutes

Abbey Wooden to Paddington: 29 minutes

Abbey Wooden to Heathrow: from 65 minutes

Timings embody 10 minutes for interchange at Liverpool Avenue, eight minutes for interchange at Paddington. Mandatory till 2023.

One of many key criticisms of the outdated Thamesmead was that its residents have been marooned by the river with nothing to do. To treatment this Peabody is investing in facilities like a boating membership, on Southmere Lake, a brand new library and a public sq. as a result of open later this 12 months.

In the meantime Bow Arts has taken over Lakeside Centre – filming location for the Channel 4 sequence Misfits – and makes use of it to supply reasonably priced studio house for creatives, a café, and pop up markets.

Bow Arts has taken over Lakeside Centre and makes use of it to supply reasonably priced studio house for creatives, a café, and pop up markets

/ Daniel Lynch

By 2050 it’s envisaged that Thamesmead will comprise round 20,000 trendy houses surrounded by some 600 acres of open house, 5 lakes, and greater than 5 miles of canals.

Past Thamesmead, cash is being spent on smaller tasks like Abbey Place, a 29 storey constructing with simply over 200 flats plus resort rooms, and a few outlets, set seconds from the fashionable, timber roofed new Abbey Wooden station. It is because of full later this 12 months.

Regardless of this there’s not a lot on the consuming and consuming entrance in Thamesmead but, and solely a handful of very fundamental outlets.

Southmere’s public sq., Cygnet Sq., will ultimately add impartial outlets, eating places and cafes to the combo.

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