Crossrail boosts property values by 57pc near London stations
HOUSE prices within a 10-minute walk of Bond Street station have soared by 82 per cent since Crossrail was first announced in 2008, a report released yesterday showed. That’s almost twice the 43 per cent rise recorded in the wider area.
Crossrail, which is due to open in 2018, has spurred new developments from Reading in the west to Abbey Wood and Shenfield to the east, with more than 11,675 units under construction along the route.
Knight Frank’s Crossrail report shows that, on average, properties near a Crossrail station have outperformed the market by five per cent, with prices in central London up by 57 per cent compared with 43 per cent for the wider area.
Acton was the best performer outside central London, where house prices have risen 77 per cent near the station compared with 33 per cent for the local area. Maryland saw the highest price rise in the east, up 37 per cent – 21 per cent higher than growth in nearby Newham.
“Over the last 12 months, the price ripple effect in London has really started to take effect, with stronger price growth in areas surrounding central London. This could help feed into stronger price growth around stations towards the east and west,” Grainne Gilmore, the head of Knight Frank UK residential research, said.