Property values at central Crossrail stations
An interesting report from Knight Frank suggests that residential property values around central Crossrail stations will rise 40% over the next five years. Its analysis shows that average property prices within a 10-minute walk of the central Crossrail stations have already risen by 30% since 2008, outperforming the prime central London market by 8%.
Crossrail is due to open in 2018 and should cut travel times across London quite dramatically. There are 7,929 private new homes with planning, under construction or recently completed in the central Crossrail ‘walkzones’.
According to the report, housing in Farringdon and Tottenham Court Road will see the largest uplift, with values estimated to rise by an additional 1.5% per year over and above the growth expected in prime central London prices to give a total increase of 43% in the next five years. It also examines how Crossrail is playing an important role in large-scale regeneration around Custom House, Woolwich and Stratford stations.
Gráinne Gilmore, head of Knight Frank UK Residential Research said: “Crossrail will increase London’s rail capacity by 10% when it opens – the most significant upgrade in rail travel across the Capital since the Second World War. Crossrail has already had an impact on property prices around the central stations we have examined, and we expect this outperformance to continue.
“The biggest beneficiaries will be Tottenham Court Road and Farringdon. The area around Tottenham Court Road station is set to be transformed by the new developments planned by Crossrail, giving the junction with Oxford Street a much needed facelift. Meanwhile Farringdon will become one of the biggest transport hubs in London, linking the East/West Crossrail route to the North/South Thameslink service and making it a very attractive destination for homebuyers who want to be able to reach most corners of the capital quickly.”
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