Crossrail project set to boost house prices by 50%
HOUSE prices in West Drayton and Ealing are expected to rise by up to 50% by 2020 because of the new Crossrail project, claims a property consultants.
Research carried out by JLL suggests West Drayton and Ealing Broadway are among the areas set to see the biggest rise in house prices as the Elizabeth line railway nears completion.
Crossrail is aimed at improving transport links in London and the south east of England and will connect Reading and Heathrow in the west to Shenfield, in Essex, and Abbey Wood, in Greenwich, in the east.
Residential research director at JLL, Neil Chegwidden, 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.
“Whilst Whitechapel comes out top in terms of overall benefit from the line, we believe 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.”
The research coincides with Aqua House at Union Park being put on the market, which is a new 118 apartment building on the Grand Union Canal and will be a mile away from the new West Drayton crossrail station.
Crossrail, which is expected to be fully running by 2019, will cut journey times to 31 minutes from West Drayton to central London.
The train station at West Drayton is also undergoing a major revamp as part of the Crossrail work, including a new entrance canopy, extended platforms, new lifts, lighting, improved customer information screens and CCTV.
Crossrail trains will run up to six services an hour through West Drayton.
LINKS: Major work is under way at West Drayton station; (left) Aqua House at Union Park