As the 26 miles of tunnelling under the city recently came to an end, it’s been reported that property prices in London are already getting a boost from Crossrail.
Berkeley, the homes developer, has seen a 30% rise in prices at its Royal Arsenal Riverside development. In addition, a report in the Evening Standard’s Homes and Property claims prices have seen a 20% leap in values along Crossrail routes since it was approved in 2008. The figure comes from property consultant CBRE, which also found property prices were expected to continue to rise. The organisation claimed property prices could add £100,000 to London homes.
While Crossrail is expected to see a 10% reduction in the capacity of the Tube, the real difference may be seen above ground, where regeneration and savvy property developers are beginning to work. Woolwich Crossrail station is a good example. It will sit within Berkeley’s Woolwich Arsenal site – where there will be 5,000 new homes by 2030.
Since Crossrail was approved in 2008, the value of homes around the stations along its route has grown by 20 per cent more than underlying capital appreciation in London and the South-East, according to property consultant CBRE.
House prices are expected to rise even further - CBRE predicts the Crossrail factor will add a further 13 per cent, or £60,000, over and above wider growth by 2018. This will be closer to 20 per cent in London, typically adding £100,000 to the value of each property.
Many of gthe areas which Crossrail will go through are covered by us. In particular, ake a look at our property and living guides to areas such as Soho, Holborn and Whitechapel. Our main agency is in Soho, and we also have a Whitechapel branch. If you're looking to sell or rent a property or you are a landlord who would like to talk to us about our management services, call Outlet today on 0203 355 0819.
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