Trying to find an affordable property close to good transport links is a problem that has haunted first-time buyers in London for decades.
However, the emergence of Crossrail’s Elizabeth line , stretching from Shenfield in the east to Reading in the west, has created links to swathes of affordable areas across the city and nowhere more so than Abbey Wood and Woolwich, soon to be a 10-minute ride from Canary Wharf.
According to estate agency Madison Brook International 's managing director John Lipper, there has never been a better time to snap up a first home in the area.
He said: “At the moment, you get a lot more for your money. Because these were traditionally poorer areas you find less work has been done to the houses over the years, which means you can pick up some great properties for far less than you could in other places.
“Abbey Wood and Woolwich are key areas for us, and Crossrail is definitely a big part of that. Commuters never used to consider living there because it’s so far away, but now there’s a completely new area that is getting re-done.
“Crossrail is an absolute must. I think we’ll see a lot of people and businesses locating to Abbey Wood and Woolwich.
“Now it’s affordable and well connected and some places have already doubled in value.”
He added: “I think they will become great locations to live for people working in places like Canary Wharf but who can’t afford to buy a home there.
“You’ll see a lot of businesses moving into those areas because it’s cheaper than Canary Wharf.
“There’s going to be a lot of redevelopment. If you get on the ladder now, you will see the area blossom around you.”
Madison Brook is offering a three-bedroom apartment in Woolwich for £515,000.
The first-floor West Carriage House has three double bedrooms, a family bathroom with a separate toilet, a lounge, a modern fitted kitchen with build in appliances, an outdoor terrace and access to underground parking.
The apartment is located on the Royal Arsenal Riverside, next to the clock tower and close to the central courtyard of ‘The Armouries’, part of the original Grade II listed Royal Carriage Works buildings.
Transport links include the DLR and mainline station at Woolwich (Zone 4), the Thames Clipper boat service, Woolwich Ferry and, of course, the pending Crossrail link.
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