The Crossrail Line is one of the largest transport projects in a generation, and it will reduce journey times in to London for people living as far away as Reading. It will not start running until 2018, but it is already demonstrating the direct impact large transport projects can have on property prices.
Adding Billions to Property Values
The Crossrail Line has seen 26 miles of tunnels built, and when it opens it will run all the way from Reading to Brentwood and Abbey Wood. It is planned to significantly reduce journey times to the capital, and will also boost the Underground capacity by 10 per cent.
But although the headlines surrounding the Crossrail Line focus on cutting the travel times to and through London, even more important are the regeneration projects around the stations and the rise in property values in areas near to the stations.
Homes & Property recently reported on how it is affecting property prices. Ian Lindsay, the land and property director of the company, said that the new train line is expected to add £5.5 billion to property values in areas it passes through.
Creating a Property Construction Boom
As the new transport system is built, it is leading to the regeneration of many areas along the route. A total of 3.3 million square feet of commercial developments have been planned above the stations, comprising residential as well as retail space.
New homes on the route will number 57,000, and neighbourhoods will be improved as town centres are upgraded. One area that will become an important transport hub is Woolwich, and others expected to benefit include Abbey Wood, Forest Gate, Hanwell and Farringdon.
Home Values Rocketing
Since the project was approved in 2008, homes near to the stations have gone up in value by 20 per cent more than other areas in London and the surrounding area – and the prices are expected to go up even more by 2018, increasing by £60,000 above wider growth.
Back in June, the Evening Standard reported that homes within walking distance of the stations are seeing their values go up by up to £170,000, and apparently the biggest increases have been in outlying areas. Research by Groundsure suggests that in Taplow in Buckinghamshire, which is located just 10 minutes from the station, home values have gone up by 73 per cent.
The Guardian also reported earlier this year that properties along the whole line have gone up by 5 per cent more than other properties in the local market, and that some areas have seen much higher rises. For example, it reports that the largest rises have been homes near to Bond Street, which has seen an 82 per cent rise.
Consider Transport Projects When Buying a Property
When you start looking for a property, either to live in or to rent, it makes sense to consider future developments that could have an impact on the property’s value. That’s one thing that I will do for you when you ask me to help find you prime real estate in London or the south east.
As well as assisting you with the actual searching and buying process, I’ll also be able to advise you on specific areas based on my long experience in London and the surrounding area, helping you to choose the best investment.
If you are currently considering buying or renting a residential property an independent home search consultancy could help you to source and secure the ideal property and guide you through the transaction process.
Call Richard Mottley on 0800 999 5758 or 07769 32 57 58 for further information or submit an enquiry here: http://sanderlinghomesearch.com/contact