Crossrail work is well underway
Crossrail work is well underway, picking up speed in the Docklands with the tunnel shafts nearing completion. A recent study by GVA asserts that the impact on property values along the route will be extraordinary, which is exciting news for residential and commercial property owners throughout London.
Whilst we’ve seen a major increase in rents for landlords, homeowners have been largely disappointed by the slow recovery in home values post-recession. News that the Crossrails project is already affecting values and investment decisions is most welcome.
GVA predicts that Crossrail will increase property values overall by more than £5.5 billion. Commercial office values in central London should increase an additional 10% above base. More importantly, we should see a rise in residential property values of 25% in Central London and 20% in the suburbs, including Ealing.
One of the areas to watch is Ealing Broadway. The Crossrail project is revitalising existing stations and creating 8 new ones along the route. With it will come more than 57,000 new homes and 3.25 million square metres of commercial space. GVA has touted the project as a catalyst for regeneration throughout London. It will stimulate both employment and investment throughout the city.
In addition to Ealing Broadway, West London will see growth from Crossrail stations in Southall, Hays & Harlington, Slough and Maidenhead. Revitalised commercial areas will bring in new jobs and new residents to these areas. Demand for housing will rise as a result, and hopefully help to pull Londoners through and past slow economic growth.
Service is slated to start in 2018, but the project has already begun to impact areas along the service line. Investors have already started making property investment decisions based on the anticipated returns. With 24 trains running in central London each hour and 1,500 passenger capacity per train, Crossrail offers significant returns on investment, both in terms of residential and commercial purchases.
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