Cross­rail to in­crease house prices by 50%

Big­gest rise in prop­erty to be seen in West Dray­ton

Harefield Gazette - - NEWS - By Will Ack­er­mann will.ack­er­mann@trin­i­tymir­

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

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.