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Crossrail set to boost house prices by £5.5bn

Crossrail is already having a significant effect on house prices, according to the company’s land and property director, Ian Lindsay.

The high speed rail service, set to launch in 2018, is set to add £5.5bn to house prices along its route, Ian says.

The news comes as 26 miles of tunnelling under the city is completed. The line from Reading in the west to Shenfield and Abbey Wood in the east is expected to significant cut journey times while increasing the capacity of the Tube by 10 per cent, Homes & Property reported.

With an expected 57,000 homes to be built along the route, the council are also working with investors to regenerate town centres to adapt to the population boost in certain areas.

Crossrail chairman,Sir Terry Morgan said: “If you go back in time, railway has always created regeneration… as the Tube grew so did London, and this Crossrail programme will go through exactly the same experience again,”

Karl Whiteman, managing director of Berkeley Homes (East Thames) says: “Crossrail is without doubt the most important new transport infrastructure for London and the South-East for a generation. The new Crossrail station will make Woolwich one of the best-connected parts of the capital.”

Since Crossrail was approved in 2008, the value of homes around the proposed stations has grown by 20 per cent more than underlying capital appreciation in London and the South-East, according to property consultant CBRE.

CBRE expects the “Crossrail factor” will add a further 13 per cent, or £60,000, over and above wider growth by 2018.

This was posted in Bdaily's Members' News section by Ellen Forster .