What is Crossrail?
According to the initiative’s official website, Crossrail is the ‘new high frequency, high capacity trains for London and the South East’.
As its slogan suggests, this huge infrastructure project really is ‘moving London forward’, introducing 40 new railway stations and over 100km of new track to the region from as far west as Reading and as far to the east as Shenfield, improving transport links and connection times for hundreds of thousands of travellers in and around the capital.
Crossrail is set to come into full operation in 2018 but the positive effects of this development are already being felt in other areas, particularly in the local property market.
How has the development affected property prices?
According to a report from London estate agent Knight Frank, cited in The Guardian, prices of properties that lie within a 10 minute walk of many of the new Crossrail stations have increased by 5% on average market growth since 2008. Industry experts are forecasting that the market in the eastern region in particular is set to grow from strength to strength as investors seek out new opportunities for investment in areas where entry costs are typically low yet future yields are high.
The key areas for growth
The South East Quarter is tipped to be one of the most profitable areas for investors as a result of the Crossrail project. Key districts for growth include Greenwich, Bromley, Croydon and Lewisham – these areas are already experiencing a surge in both private and public investments. Woolwich, a borough which is already undergoing extensive regeneration, has been tipped as a hidden gem and, according to a report from JLL, is predicted to perform the best in terms of property value. In fact, residential prices could increase by as much as 52% in the next five years (double the average city forecast of 26%). Restoration of the historic docks and the Royal Arsenal are set to lead to a huge increase in the local population, with the number of residents in Woolwich predicted to double by 2026, in turn driving up demand for housing.
Looking further north, more opportunities are set to arise in Stratford, an area that’s already benefited from large-scale development since it hosted the London 2012 Olympic Games. The Crossrail line will greatly improve the commuter experience for residents in Ilford, with planned works expected to dramatically cut journey times in and out of key stations in Central London. This, coupled with the money that’s being poured into rejuvenating the town centre, makes Ilford a very attractive option for property investors.
Surrenden Invest is committed to bringing our investors exclusive opportunities in the South East Quarter. For more information on our off plan developments in this area of London, please browse our latest projects or contact our consultants directly.