Crossrail gets green light from Essex residents

Crossrail is seen as the most significant boost for Essex’s property market according to a residential survey by Beresfords.

An overwhelming majority of Essex residents (56%) believe that Crossrail is the major draw for buyers to the region, ahead of new charter flights from London Southend airport (14%) or Chelmsford’s city status (7%).

Just 5% of residents thought that the Olympic Legacy was significant for house buyers in Essex.

In the survey, six out of ten (61%) Essex residents recognise that good transport links were a big draw for buyers to the area. Of those surveyed, the excellent schools in the county were the second largest draw (22%), and affordable property prices came in third (17%).

Rail connections from Essex to the City of London are already the quickest from any of the Home Counties, and the arrival of Crossrail to key commuter towns, such as Shenfield, has already seen a swathe of house buyers from London looking for greater value for money.

Paul Beresford, Managing Director of Beresfords, comments:

“Crossrail’s ability to go direct into the West End and connect with all major transport hubs will certainly increase demand in Essex and house price growth over the next 10 years is expected, adding to the investment potential. Confidence has returned to the property market since the beginning of the year, with more loans available at better rates, but sellers looking to come to the market now must price competitively to attract offers from these buyers.”

Paul Beresford continues: “It's not just Crossrail which is putting Essex’s property market on the national map. The £1.5billion Dubai Ports London Gateway scheme is expected to employ some 12,000 people and a further 24,000 within the wider economy. The increased capabilities of London Southend Airport last year has also been a huge boost to the area."