6 Dec

Crossrail already boosting property prices

Crossrail already boosting property prices

Crossrail already boosting property prices

The new Crossrail route planned for 2017 is already having an impact on local property prices, reveals new figures.

Research from Lloyds Bank shows homes close to the planned route into London has led to an average rise in value of 22 per cent over the past two years – compared to a 14 per cent rise in property further away from the planned line.

Key areas close to the future Crossrail link, including Abbey Wood, Forest Gate and West Drayton, have seen increased of up to 50 per cent as demand for property continues to rise.

The Elizabeth Line is set to open in May 2017 and will provide a regular Crossrail service in and out of the capital. By the end of 2019, the link will also be extended to cover Reading in Berkshire to Shenfield in Essex.

“Crossrail promises to connect towns in Berkshire and Buckinghamshire to Essex and south-east London, via the centre of the capital, by offering a frequent and fast service which will integrate with the existing Underground network. This will clearly prove attractive to many commuters, as the new service will make it much easier to reach key destinations such as the City of London, Canary Wharf and Heathrow Airport,” said Andrew Mason, Lloyds Bank mortgage products director.

He added: “Even though we’re still three years away from the launch of the full service, the Crossrail effect is already having a positive impact on house prices near stations on the Elizabeth Line. It will be interesting to see how these grow further between now and the service becoming fully operational in December 2019.”ADNFCR-1222-ID-801829435-ADNFCR

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