Crossrail to increase house prices by 50%
Biggest rise in property to be seen in West Drayton
WEST Drayton will be among the areas to experience the greatest house price increases as a result of Crossrail, according to new research.
A report published by investment management company Jones Lang LaSalle (JLL) claims house prices in Whitechapel will experience the highest level of growth because of the project, rising by up to 54 per cent by 2020, followed by Woolwich, where prices will rise by 52 per cent.
After that, property prices in West Drayton and Ealing Broadway will rise most, by as much as 50 per cent, according to the report.
On average, house prices at Crossrail stations will rise by eight per cent more than those elsewhere in Greater London over the next six years, the report says.
Neil Chegwidden, residential research director at JLL and author of the report, said: “Crossrail has already triggered land purchases, development activity and price growth along its route and our research demonstrates that there are still plenty of opportunities to come.
“While Whitechapel comes out top in terms of overall benefit from the line, we believe that the medium to longer opportunity areas are the ones to keep an eye on, as developers and investors will seek to make the most of this transport link that will connect east to west London as never before.”
JLL analysed all Crossrail stations and their immediately surrounding areas, assessing existing residential property together with new development opportunities and the medium and long-term potential impact the line will have on each location.
The firm allocated each area a ‘Crossrail impact score’, calculated taking into account the regeneration and residential development already taking place and that which is likely to happen, as well as factors including the potential to develop, price and rental growth forecasts.
Crossrail is scheduled to open fully at West Drayton station in 2019.
This week, Crossrail unveiled plans for extending West Drayton station and providing step-free access to all of its platforms.
BENEFIT: Crossrail has triggered land purchases across its route already