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The Impact of Crossrail on London Property
Crossrail is currently Europe’s largest infrastructure project and its impact on London will be huge, cutting journey times into central London by an average of 15 minutes. What does this mean for property?
Crossrail is currently Europe’s largest infrastructure project and its impact on London will be far reaching. It will cut journey times into Central London by 15 minutes on average and up to 40 minutes and will open up new parts of London. This will have a huge impact on house prices – our research shows that a 10% reduction in commuting times can cause house prices to increase by as much as 6%. In fact, since Crossrail received the go-ahead, prices around its host stations have increased by 31% over the wider market, which exceeds our original estimates. As a result, we have revised our forecasts and we now calculate that property prices around Crossrail stations will increase by 3.3% per annum – over and above wider house price growth – until the full effect of Crossrail has been realised. By the time Crossrail is operational in 2018, it will have added up to £35bn to the residential property sector around the 37 stations.