Three Waters is located at the point where the Lea, Bow Creek and Limehouse Cut meet
(Picture: Handout)London’s newest rail line finally steamed into action this summer — and the purple line that Crossrail has drawn across the Tube map now marks the location of some of the capital's most popular new homes hotspots.
Property prices have doubled along parts of the line in the past 10 years, after buyers rushed to invest in improved transport links. And today's first-time buyers have a chance to jump on the Elizabeth line bandwagon, as a new raft of shared ownership schemes offers homes priced from less than £90,000.
Forest Gate in east London has been one of Crossrail's biggest beneficiaries. Estate agent Hamptons calculates that property prices have more than doubled there since 2012.
But shared ownership homes at Gateway Housing Association's Earlham Square (newhomes. gatewayhousing.org.uk) start at a great value £86,250 for a 25 per cent share of a one-bedroom flat. Buyers will need a deposit of just over £4,000, and monthly costs will come in at just under £1,200 per month. A 25 per cent share of a two-bedroom flat will cost £107,000 and require a deposit of at least £5,373. Monthly costs will be about £1,450.
How we bought in Newham
It's prices like these that helped to propel Sara Guarrasi, 37, a catering manager, and her partner James, 39, who works for Newham council, on to the property ladder after years of renting.
The couple, who have a four-year-old son, picked a two-bedroom flat and, with years of savings behind them, were able to put down a £64,000 deposit and buy a 40 per cent share of the property. In the long term they hope to increase their stake until they own their home outright.
"Our monthly outgoings for the mortgage, rent and service charges are around £1,200, which is about the same as the rent we were paying in our last home," said Sara. "The rooms are very spacious and much bigger than in our rented apartment.
"It's beautifully finished and feels very luxurious and comfortable. We love the large balcony — there are views of the Olympic Park and at night the lights and skyline look stunning."
Improved links for West Ealing
On the other side of London, shared ownership homes in another Crossrail hotspot, now just a 15-minute hop to the West End, are also for sale. When The Bowery development in West Ealing completes in 2024 there will be just over 300 new homes arranged around communal courtyard gardens.
Prices for one-bedroom apartments start at £138,900 for a 30 per cent share. Buyers will need a £6,945 deposit and monthly costs will include rent of £743 and service charge of £154, plus mortgage repayments.
Two-bedroom flats start at £129,500 for a 25 per cent share. The minimum deposit is £6,475 and rent starts at £890, plus mortgage payments and £168 monthly service charge (latimerhomes.com).
West Ealing has a leafier and more peaceful vibe than buzzing Ealing Broadway, just up the road, but there are some excellent local restaurants to be found in Uxbridge Road, and some good independent shops are popping up on The Avenue.
Seismic change in Woolwich
With the River Thames on the doorstep and a burgeoning arts scene, Woolwich is another great Crossrail opportunity, which buyers could take up from just over £90,000.
New homes at Woolwich Reach (nhgsales.com) start from £93,750 for a 25 per cent share in a one-bedroom apartment. A quarter share of a two-bedroom apartment starts at £117,500. Estimated monthly costs total just over £1,200 for a one-bedroom flat and just over £1,500 for a two-bedroom flat.
Woolwich as an area has seen seismic change since work on Crossrail began. The historic Woolwich Arsenal is being transformed into the £1.2 billion Royal Arsenal Riverside development where, alongside thousands of new homes, are great new cafés and restaurants, a farmers' market and also Woolwich Works, a new arts centre.
In the pipeline is a £400 million plan to convert Woolwich's Grade II-listed covered market into a mixed development featuring more bars, restaurants, and shops, plus a new Picturehouse cinema.
Another pipeline project is at Stratford, where a new tranche of shared ownership homes at East Wick + Sweetwater, the 870- home new neighbourhood at the Olympic Park, go on sale next year (eastwickandsweetwater.co.uk)
Waterside homes in Bromley-by-Bow
A wave of hipster-propelled regeneration has engulfed most of east London and now the spotlight is trained on the banks of the River Lea, which runs through the Olympic Park and south towards Canning Town. Billions of pounds are being spent transforming grim waterside industrial sites into new homes at developments such as Three Waters (threewatersso.co.uk).
A joint venture between housing association Peabody and developer Mount Anvil, the scheme earns its name because it is located at the point where the Lea, Bow Creek and Limehouse Cut converge in Bromley-by-Bow. Some of the apartments have water views or look out over the City and there are also great vistas from the communal podium garden. There's a private on-site cinema room, while Bow Arts will open a shared workspace centre for local artists and makers at the site later this year. The Tube from Bromley-by-Bow in Zone 2 reaches central London in about 20 minutes.
Three Waters homes are priced from £115,500 for 30 per cent of a one-bedroom flat, while monthly costs, with mortgage, rent and service charge, come in at about £1,300. Minimum deposit is £11,550. Two-bedroom flats start at £131,250.
