Crossrail will be a transformative transport system for London and the surrounding areas, with the new underground services providing for 200 million passengers each year and the entire line connecting 41 stations. That is, when it finally opens in full; the project began in 2009 and a 2018 opening was targeted, but its grand beginning has been pushed back several times. Summer 2021 is the current aim for Crossrail’s central parts, with the eastern section of Crossrail that will service Brentwood now slated for a Spring 2022 launch.
The route map of the Elizabeth line, the chosen name for Crossrail that pays tribute to Queen Elizabeth II, showcases the extent of the new transport connections that will eventually be in action. Although Brentwood is currently connected to the capital courtesy of Tfl Rail’s Liverpool Street-Shenfield stopping service, a fully completed Elizabeth line will upgrade the transport options for those based in the Essex town.
However, the impact of Crossrail goes beyond transport links. Brentwood has already witnessed sharp increases in house prices in recent years, particularly as Crossrail has theoretically got closer to completion. Once the Elizabeth line is fully in operation, those house prices could soar again as Brentwood becomes an even more attractive option to commuters seeking quick and regular transport links to the central and western areas of the capital.
In early July 2020, Essex Live conducted analysis on the differences between £300,000 properties in several towns in the county. Brentwood unsurprisingly stood out in stark contrast to towns like Colchester and Southend-on-Sea, where £300,000 can net you a sizable three-bedroom home. In Brentwood, £300,000 is more likely to be sufficient for a two-bedroom flat, although the property featured by Essex Live is modern, luxurious, and benefits from an ideal position on the high street.
The Essex Live article suggests that the introduction of the full Elizabeth line connection could enhance Brentwood’s ‘plush, expensive feel’, making the town even more attractive to young professionals and commuters. Improved transport links to the centre of London should drive house prices further upwards in the next few years, with that kind of connection to the capital something that many city workers are willing to pay a premium to acquire.
That could be good news for those in Brentwood considering selling their property, or for those looking to make improvements on their existing home. This could open up remortgaging opportunities in Brentwood, with the mortgage comparison service from Trussle identifying the best deals available for homeowners. A rise in property value boosts a homeowner’s equity, which should subsequently encourage lenders to offer more favourable mortgage rates. This is something that Brentwood residents will no doubt keenly monitor when the Elizabeth line fully opens.
Of course, there are no guarantees as to when that dream of a fully operational Crossrail will be realised. Current wisdom indicates that the Elizabeth line’s opening will unfold in stages; the BBC has reported on Crossrail Ltd’s intentions to open the central section of the line by summer 2021, with the eastern and western sections projected for completion in 2022.
As the last ten years have shown, it is difficult to stick to those deadlines on a building project of this scale. Once Crossrail is up and running in all its glory, it will not only boost the transport links of places like Brentwood but it should also instigate further increases in house prices. There might not be too much longer to wait for expectant commuters and homeowners.
