London’s Crossrail project will be complete and open for business by the end of the year. That’s something many Londoners probably didn’t expect, even when plans, drilling and construction got underway.
But, while the mammoth job will make getting across London a lot easier for many people, what about its impact on the London property market? If you’re a home-owner or investor, then the news is great! But, if you’re looking to buy a home near to one of the new stations, you’re probably too late to grab a bargain, no matter how far up the line you go.
“Transport links are always an excellent selling point for a home, so values of property close to the new Crossrail stations have been climbing steadily since the project began to look as though it really would be completed,” said Marylebone estate agent, Kubie Gold. “If you’re house hunting near those soon-to-be open stations now, however, you might be surprised at the prices you see.”
Faster house price inflation
Property management experts, Hamptons International, recently did some research on Crossrail’s effect on London house prices. The results weren’t too surprising.
They found the average price of a home within a mile of the new stations, has risen some 66% since 2009. That’s 15% more than other parts of London. It’s a significant difference, particularly for those who took the brave decision of purchasing a property close to the stations in 2009.
And, when you consider the London property market has been hit by Brexit in the past 18 months, it’s a very impressive advance, indeed.
“Those data are great news for owners of property close to the Elizabeth line stations and will bring a smile to the faces of those who got in early,” said central London estate agent LDG.
Not just about travel
Of course, the ability to travel across London without having to change trains and even stations, is something many people will appreciate once Crossrail London is completed. But, that’s not the only detail that’s helped support property prices close to the new stations.
The new stations will be modern, have new facilities and look good too. This brings investment to the area surrounding the station and makes it a more desirable place to live. And, if the more modern London stations are any indication, these new Elizabeth line stations could encourage new bars, restaurants and shops to attract non-travellers into them, too.
With all that from the massive transport infrastructure project, it’s no wonder early investors have seen capital values of their properties soar. And that’s not all. If they aren’t already taking advantage of the improved regions around the Elizabeth line stations, renters will soon make a beeline for the modern and aesthetically pleasing new areas across east and west London. That’s something BTL investors in particular, will be looking forward to.
“Crossrail isn’t only bringing Londoners the ability to much more easily travel from east to west London, it will also bring some many welcome new facilities and regeneration to the areas surrounding the stations,” said Assetgrove. “Those are also desirable attributes to look for when buying or renting a property.”