Residential property prices along the £16 billion Crossrail route could appreciate by up to 25% over the next decade years, according to a study by property consultancy GVA.
If accurate, the rail link, from Maidenhead in the west to Shenfield and Abbey Wood in the east, could add as much as £5.5 billion to property values by 2021.
The research looked at residential and commercial developments within 1km of new stations on the route and found properties in places such as Farringdon, Whitechapel, Custom House, Woolwich and Abbey Wood, Southall, Ealing Broadway, Southall, Hayes and Harlington, could benefit the most from the new link.
Meanwhile towns at either end of Crossrail, in Berkshire and Essex, could expect to see property prices rise by 20% above the baseline trend, the study showed.
According to the report, as many as 57,000 new homes and 3.25m square metres of commercial space could be built by developers close to the new stations.
A total of eight new stations in central London and Docklands and almost 120km of track will link Maidenhead and Heathrow with Shenfield and Abbey Wood. Up to 24 trains an hour will operate in the central section between Paddington and Whitechapel during peak periods, with each train able to carry 1,500 passengers. Crossrail services are due to get underway in 2018.
- Friday 09 November 2012