Europe’s largest infrastructure project, Crossrail, will boost London prices.
They are expected to rise by an average of 13% – and by a lot more in some places – when the first lines become operational in 2018, according to property firm CBRE.
The firm forecasts that Crossrail will be “a game changer” for London.
Over 200 million passengers are expected to use Crossrail each year, which is also creating new central hubs such as Paddington and Farringdon.
For today’s 750,000 existing commuters, journey times into central London will be reduced by an average of 15 minutes, or 25% of the current average commute.
Journey times from places outside London, such as Maidenhead, Taplow and Burnham, will be cut by up to 40 minutes.
Jennet Siebrits, head of residential research at CBRE, said: “There is an inextricable link between transport connections and house prices.
“Since the Crossrail programme gained royal assent in 2008, house prices around affected stations have risen by 20% in excess of the London average.
“CBRE has identified that a 10% reduction in commuting time will increase a property’s value by up to 6%.
“Those locations set to benefit the most are Ealing Broadway, Farringdon, Paddington: all will experience value uplift in excess of 15% over the next five years, or even as much as 27% in the case of Farringdon.”
Comments