The long-awaited Elizabeth Line is now in operation to Reading Berkshire

Elizabeth LineThe Mayor of London, Sadiq Khan, said: "The opening of the Elizabeth Line by Her Late Majesty Queen Elizabeth II at Paddington in May was a landmark moment, not just for London but for the entire country" and when the connection was linked to Reading in Berkshire on November 6th, many local residents had to agree! The Transport for London service is being maintained by GWR until 15th December and will then be full-force ahead.

Back in August the Government announced that the line would be extended out to Reading, meaning that commuters can travel east all the way to Abbey Wood and vice versa without changing at Paddington National Rail station - services call at Paddington Elizabeth line station instead.

The Elizabeth line is currently Europe's largest railway construction project, one of the most complex digital railways in the world, and includes pioneering technology and design, with a fleet of 70 specially-designed Class 345 trains (for the trainspotters out there - these were built by Bombardier Transportation (now Alstom) in Derby.)

A whoop whoop for the fact that there is free Wi-Fi access available at most Elizabeth line stations and work has started that will allow customers on both trains and platforms to have access to 4G connectivity. The 9-carriage trains can now accommodate 1500 passengers, with significantly more standing space, however, the new #purpletrains of the Elizabeth Line no longer have toilets onboard, tables or plug sockets. You win some, you lose some.

Your journey from Reading, Berkshire to Paddington, London will call at:

  • Twyford - Change for National rail services
  • Maidenhead - Change for National rail services
  • Taplow
  • Burnham
  • Slough - Change for National rail services
  • Langley
  • Iver
  • West Drayton
  • Hayes & Harlington - Change for Elizabeth line services to Heathrow Airport and National rail services
  • Southall
  • Ealing Broadway - Change for Central and District lines and National rail services
  • Paddington - Change for Bakerloo, Circle, District and Hammersmith & City lines, Elizabeth line services to Abbey Wood and National rail services

What does the Elizabeth Line mean for Reading residents?

Apart from the obvious advantages of being connected to Central London or Heathrow Airport on a fast and efficient service, the completion of the Elizabeth Line will mean an increase in popularity for Reading and, as such, more demand for accommodation.

Let us look at how the Reading sales market has been performing in 2022 (according to Rightmove1st December):

  • Overall average price of £406,142
  • Majority of sales were terraced properties, selling for an average price of £347,083. Semi-detached properties sold for an average of £440,220,
  • Flats/apartments were fetching £228,018.
  • Prices are 2% up on 2021
  • 9% up on the 2019 peak of £371,198

Of course, the private rental sector in Reading is also a major factor and these are the 2022 stats (according to 1st december):

  • Average property rents in Reading: £1,901 pcm
  • Median rent: £1,700 pcm
  • Majority of properties in £1,000 pcm to £2,000 pcm bracket (318 rented to date 2022)
  • Rents have increased 3.5% since 2021

All of this data does indicate we are in a “sellers or landlords market” and that will only be expedited by any increase in demand due to the benefits of the new Elizabeth Line service. Of course, with the London commute being that much easier, the Reading area will attract new buyers and tenants who would not have previously considered it as a selected location. It is very likely that 2023 will see an influx of new residents from London or Greater London boroughs, many of whom will have more disposable income to spend on their choice of new home.

All of these factors leave selling a house in Reading or investing in the PRS a very appealing prospect for the coming year. If you would like to discuss this further please get in touch: contact us.