Crossrail to boost home prices

Residential properties located along the £16bn Crossrail route could appreciate in value by up to 25% over the next nine years, fresh research has revealed. A recent report compiled by property consultancy GVA for Crossrail has shown that the rail link, from Maidenhead in the west to Shenfield and Abbey Wood in the east, could add up to £5.5bn to property values by 2021. The research looked at commercial and residential developments within 1km of new stations on the route, and found that properties in places such as Ealing Broadway, Southall, Hayes and Harlington, Farringdon, Whitechapel, Custom House, Woolwich and Abbey Wood could be boosted by up to 25%. The report also found that around 57,000 new homes and 3.25m sqm of commercial space could be developed by builders close to the new stations. A spokeswoman for the Thames Valley Chamber of Commerce told the press that the project was already playing a key role in influencing foreign companies looking at investing in the area. “Foreign companies, and firms outside the area, are currently looking at moving to the Thames Valley and Crossrail is a key factor in this. “As well as providing benefits for businesses and house prices it will give a general boost to the local economy.” Eight new stations in central London and Docklands and almost 120km of track will link Maidenhead and Heathrow with Shenfield and Abbey Wood when Crossrail services starts in 2018. Up to 24 trains an hour will operate in the central section between Paddington and Whitechapel during peak periods, with each train able to carry 1,500 passengers.  

Article courtesy of Property Investor Today

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