The introduction of Crossrail, the new innovation in the transport sector in London, has already helped to see a significant boost to the property market, the latest reports released have claimed. Although the service has yet to open for business - the first stations will be operational from May 2015 - property prices in the areas around stations have been rising since the building of Crossrail first started in 2009.
Last year, transaction levels for homes that are within 500 metres of a Crossrail station were up by some 23 per cent. Meanwhile, the number of sales of properties within a mile rose by 21 per cent. Both of these figures are significantly in excess of the 13 per cent rise in transactions that was seen across London as a whole in the space of the last 12 months. Hamptons International, which carried out the study and looked at homes along the whole Crossrail line, said that 2013 was the year sales in these areas really began to be impacted by the upcoming service.
"The broader recovery of London's housing market in 2013 has proved fertile ground for a Crossrail effect to emerge. Housing market activity in anticipation of Crossrail has spread to most stations along the line and nearly one in 10 home sales in 2013 were within a mile of a Crossrail Station," said Johnny Morris, head of research at Hamptons International. However, he said that it's not too late for investors to get themselves in on the act, with plenty of sites along the way still showing space for an improved number of transactions.
"While many markets are seeing a hive of Crossrail activity, the muted price growth around some stations indicates there are still many opportunities for savvy investors. Stations to the east and west of Central London, in line for radical improvement to commuting times, are best positioned to benefit from the Crossrail effect," the expert added.
A similar effect to that of Crossrail has also been seen by Hamptons thanks to the rise of of the overground service in the capital. Since the trains - dubbed the 'ginger line' - have been added to Underground maps, prices in areas that are further out and were previously seen as 'unfashionable' have been growing.
See the top 10 areas for property around Central London
- Friday 21 March 2014