Homeowners in Whitechapel, East London, could see their house price rise by more than 50% in the next five years as a result of the ‘Crossrail effect’ a new study claims.
Property values in areas served by the 38 stations on the Reading to Shenfield line are likely to increase by an average of 8% more than Greater London as a whole, with Whitechapel in line for the biggest increase.
The research by property consultants, JLL, suggests Woolwich could also see a 52% increase by 2020, with West Drayton and Ealing Broadway set to surge by 50%.
The report also looked at areas set to enjoy longer-term benefits from the line after it opens in 2018 in central London and 2019 for the rest of the route, such as the much-mocked Slough.
Neil Chegwidden, residential research director at JLL, told newspapers: ‘Crossrail has already triggered land purchases, development activity and price growth along its route and our research demonstrates that there are still plenty of opportunities to come.’
JLL representatives added the line would give first time buyers the chance to spot the next wave of ‘up and coming’ areas before the line prices them out of the market in those places.
A major report last year called for councils to be given extra powers and funding to help fulfil the potential for economic regeneration from the £15bn Crossrail project.
Crossrail as a Catalyst included a 20-point checklist for boroughs to make the most of the line covering issues ranging from planning to employment based on the lessons from six of the line’s station.