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Borough by borough: Ealing
Substantial regeneration plans, together with the development of Cross-rail promises to bolster the Ealing residential market by 3.3% per annum, over and above underlying growth, as residents are offered shorter trips to work and improved neighbourhoods.
Located in the west of London, Ealing has the third highest population of all Outer London boroughs at 350,679. This is expected to rise by 8% over the next decade increasing pressure on the local residential market. Ealing currently achieves the second highest rents in Outer London, at £1,720 pcm. Average house prices are the fifth highest in Outer London, up 19% over the past year. This level of growth is partly attributed to the extensive regeneration plans currently underway throughout the borough, including Acton Town Centre, Ealing Broadway Station, Ealing Broadway Shopping Centre and, arguably most importantly, the development of Cross-rail.
Expected to open in 2018, Cross-rail will reduce travel times significantly within the borough. For example, travel times from Ealing Broadway into central London will reduce by 20 minutes. From Acton, Southall and Hanwell it will result in around a half an hour time saving. This will have a significant impact on its appeal to commuters. As a result, we anticipate that residential values in the borough near to Cross-rail stations, will increase by 3.7% per annum, over and above wider house price growth, in the five years prior and post Cross-rail opening. This is among the highest projected uplifts across the entire Cross-rail route.
Encouraged by positive underlying growth prospects, the area is seeing increased interest from developers. The most notable residential scheme underway is the St George development on New Broadway, which will ultimately deliver nearly 700 units. As it stands, Ealing already has the third highest proportion of private rental households in Outer London and these improvements can only strengthen this sector.
The area has been traditionally popular with families (it has 91 primary schools, one of which is outstanding) and young professionals looking for a reasonable commute into the city centre together with a safe and vibrant place to live. In addition, the area is popular with Heathrow employees. The substantial housing, Cross-rail and regeneration developments will help solidify Ealing’s reputation as a desirable residential area.