Crossrail benefits for jobs and homes exceeding predictions

The impact of Crossrail on homes and jobs could be significantly greater than predicted, according to a new report by property consultancy GVA.

It found that construction of the route has created transport capacity for major corporate headquarters including Facebook, Deutsche Bank, Capita and Societe Generale, which in turn could lead to 300,000 new jobs.

Town centres outside central London, such as Ealing, Woolwich, Ilford and Romford, are being redeveloped as new homes and offices attract more residents and businesses.

Meanwhile, 90,599 new homes along the route are predicted by 2021 and 180,000 by 2026 - the report’s authors say this is far greater than the 57,000 new homes by 2021 predicted in a previous report.

More than 4.4 million sq ft of commercial office and retail space is predicted along the route by 2021 (against a 2012 prediction of 3.35 million sq ft), and values of properties within one kilometre of a Crossrail station are expected to rise by a combined £10.6 billion by 2021.

Crossrail Chief Executive Andrew Wolstenholme said: “As well as cutting journey times and giving passengers more options, it is driving regeneration across London and the South East.

“With less than a year to go until the Elizabeth Line opens, this new report by GVA reveals the true extent of the impact and lays out some of the key lessons for future infrastructure projects.”

Deputy Mayor for Transport Val Shawcross added: “This report reiterates the huge benefits the Elizabeth Line will provide to London and the South East - not just providing a new world-class transport link that will benefit millions of passengers a year, but as a powerful driver of jobs, homes and economic growth that is already having benefits across the whole of the UK.”