The Inside Edge
Work on the multi-million pound Crossrail is underway, with completion currently scheduled for 2018. Crossrail is set to link Maidenhead and Heathrow with Shenfield and Abbey Wood, passing through Ealing and central London, and is expected to bring with it a huge range of benefits. This includes a boost for the property market in and around London as well as wider economic benefits.
Real estate agents are predicting a significant boost in the value of properties along the new Crossrail route, with some London estate agents expecting increases of around 10 percent as a result of the new service, whilst others predict increases of up to 25 percent. Once Crossrail has been completed and is fully functional, many homeowners with properties along the route will see their property values soar. This is due to rising demand from the likes of traders, financial workers, and others who want to benefit from convenient access to central London.
Another major benefit that is expected to stem from Crossrail is increased foreign investment. This could include more foreign businesses moving into the area as well as increased property investment, both commercial and residential. Officials believe that Crossrail will play a big part in the level of foreign investment in and around London in years to come, and the service has been described as being a key part of London’s plans when it comes to growth and expansion.
Some of the wider benefits that could affect property prices
It is thought that in central parts of London, the service could see up to two dozen trains an hour in operation at peak times, each of which boasts the capacity to hold 1500 passengers. This will relieve a huge amount of pressure on London’s roads, as it will help to ease congestion considerably, which could also have a knock on effect on the property market both in terms of demand and values.
Crossrail is also likely to bring many more jobs into the area, partly due to new businesses and investments, and this could boost property demand further. A report carried out late last year on behalf of Crossrail indicated that there were plans to build many new homes and commercial premises close to the new stations. Eight of which are set to be built in central London and Docklands.
The Thames Valley Chamber of Commerce said that the service would have far reaching positive effects for London and some of the surrounding areas, not only in terms of property values and increased business investment but also in terms of regeneration, employment, and improvements to the local economy.