New Crossrail areas trigger housing price boost

New Crossrail areas trigger housing price boost

Some 60% of areas near new Crossrail stations have had a higher-than-average house price increase in the past decade, according to research by property crowdfunding platform Property Partner.

Twenty-four out of 40 locations near Crossrail stations have experienced a rise in property prices of more than 41% – the average house price increase in the South East of England – since 2007.

All 40 areas with Elizabeth Line stations have achieved double the rate of average house price rises in England.

The Elizbeth Line infrastructure project was approved in 2007 and is due to be completed by 2019.

The 73-mile line will link parts of Berkshire and Buckinghamshire to Essex and south-east London via central London.

Dan Gandesha, CEO of Property Partner, said: "Although the impact of Crossrail on the property market has been long heralded, this research is a solid reminder of how stations along the route have outperformed non-Crossrail locations over the past decade.

“Dramatic cuts in commuting times and substantial regeneration of some of the areas along the Elizabeth Line have been the main appeal driving price growth.

“But prices near many Crossrail locations are still forecast to keep rising.

“Demand from owner-occupiers and tenants will only intensify once the projects are complete.”

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