In 2015, JLL produced some very interesting research. In it, JLL made house price growth forecasts for Crossrail locations. Southall was high up the list, with price growth of around 46% predicted between 2015 and 2020 compared to JLL’s forecast of house price growth of 36% across Greater London during the same period.
Why is Southall property performing so well? Crossrail, and regeneration.
Crossrail will particularly impact the lives of many people living in Southall who work at Heathrow Airport – of which there are a significant number, as Heathrow is the main employer for the majority of Southall residents. Upon its completion, Crossrail will get Heathrow employees to UK’s largest and busiest airport in just 8 minutes. Southall is early in its regeneration journey and Crossrail will cut travel time to Bond Street to 17 minutes and 31 minutes to Canary Wharf.
Regeneration projects like Southall Waterside are taking shape. People can see things are beginning to happen. It’s exciting, and homebuyers and property investors are beginning to realise how attractive Southall could become as a place to live, work and play.
The transformation of Ealing is spreading west and has enveloped Southall. This, combined with the new Crossrail station and a pipeline of new homes will bring change to the tired high street.
New commercial space of 500,000sq ft in the town centre will include shops, cafés, a new cinema and leisure and community facilities, and there will be a two-form entry primary school.
Is house price growth sustainable in Southall?
The Southall property market is booming right now, with prices having grown by 30% over the last five years. Yet it remains affordable, especially compared to the rest of west London, with the average Southall property costing £380,000 less than in neighbouring Ealing.
In August 2018, JLL revised its forecast for Southall property prices. It predicted that Southall house prices should rise by 8.5% when Crossrail eventually arrives. We think the rise could be even more. With journey times from Southall to the City and Canary Wharf slashed to 24 minutes and 31 minutes respectively, travel to work will be closer to Zone 2 times instead of the Zone 4 times they currently are. The population in Southall is expected to grow by 13% by 2036.