Crossrail development drives property boom
Property prices are rising along the Crossrail route, four years before the high-speed line is due to open
Prices along the Crossrail route are now more than four times higher than 10 years ago
By Anna White, Property correspondent
Crossrail, the high speed train service that will stretch across central London, is already adding value to homes along its route, even though it is not due to open for business for four years.
Europe’s largest infrastructure project has driven house prices up by 96pc over the past decade, according to a study by the online estate agent eMoov, which also estimated that the average house price of property near the route would rise another 36pc by 2020.
But the study found that homes clustered around some stations will see a larger spike than others.
“Tottenham Court Road has long been portrayed as the epicentre of the Crossrail project with huge amounts of development in the area and it is also one of the main central stations,” said Russell Quirk, the founder of Essex-based eMoov.
Prices in the area are now over four times higher than 10 years ago, the report showed. In 2004 an average flat was worth £240,000, but has risen by 439pc to more than £1m.
Outside London, Reading has recorded an 11pc increase in the price of a flat since 2004, but larger properties in the area increased by between 40pc and 63pc. “Reading is fast becoming as one of the country’s hottest property areas,” said Mr Quirk. “And we predict prices in the area will grow as much as 50pc over six years.”
The extension of Crossrail into Essex means some areas have doubled in value over the past 10 years.
The price of detached properties in Brentwood has risen from £400,000 to £800,000.
Forest Gate in east London could see one of the largest increases, topping £100,000 over the next six years, he said.
It is estimated that 200m passengers will use Crossrail every year, increasing the capital’s transport network by 10pc, and creating a domino effect as the London suburbs one stop away from a Crossrail station also increase in price.
Homes in Maidenhead, Slough, Iver, Burnham and Langley are also expected to increase in value by up to £150,000 by 2020.