Crossrail looks like creating a £5.5 billion boom in residential and commercial property over the next ten years, new research shows.
The project is already having a significant impact on property investment in central London. However the rail link will also push up the value of houses in Berkshire and Essex. Building the new railway involves constructing eight new stations in London and upgrading many existing stations.
Stretching from Maidenhead and Heathrow in the west, across to Shenfield and Abbey Wood in the east, the new railway will provide a further engine for recession busting economic growth in the south. Crossrail services are due to commence in 2018.
The research was conducted for Crossrail by GVA, independent commercial property consultants. Crossrail will also create quality new buildings above and around its new stations, benefitting workers, residents and visitors for generations to come.
Says Mike Taylor, Director at GVA, ‘One of the biggest impacts of Crossrail will be on the commercial and residential property market with additional value of as much as £5.5bn generated along the route. Crossrail will have a distinct impact on the residential property market not just in London but also several areas in Essex and Berkshire.
As a result of significantly improved transport connections, areas such as Abbey Wood, Woolwich, Ealing Broadway and Southall are highlighted as future places to watch. Crossrail is more than a new rail link. It will be the catalyst for regeneration and a key driver in maintaining London’s position as a leading global city.’