Over the coming years, London’s Crossrail project
will handle the flow of millions of commuters going
in and out of the city. The project, which will cost
around £15bn and due to begin full operation
in 2019, provides an eighty-five mile, east-to-west
route across Greater London starting outside the city
in Reading and finishing in Shenfield and Abbey Wood.
Whatever
gets you out of bed on a Monday morning, the project
should make your commute to-and-from work easier.
Crossrail, themselves, proposed that the rail line
could help create a £5.5bn
boost to property values in residential and commercial
real estate along the route by 2021. While property
analysts can’t agree on the extent house prices
will raise - projections vary from around 25 per cent
to as high as 60 per cent - it’s unanimously
agreed that those fortunate enough to already own
properties along the route can expect to see a significant
rise.
Critics
have blasted the project as one of the major reasons
there is such a disparity between the average price
of a UK home outside the capital - around £270k
- to the price expected for one within city limits
- around £510k. It’s estimated that London
now makes up 35 per cent of Britain’s property
wealth and that figure is expected to reach 40
per cent by 2017. In comparison to when the project
was first announced in 2008, property prices along
the central London Crossrail stations have risen by
more than 30 per cent and are expected to continue
to rise by 2020.
Growth
is not limited to the capital, however. Talks about
extending the line outside the capital to Reading
have been on the table since 2009, but since it was
formerly announced in 2014 the price for a flat in
the area have risen by around 10 per cent. The ability
to more easily commute to the capital is predicted
to make Reading one of the UK’s most desirable
locations over the next few years. Prices of larger
properties, in particular, have risen by around 60
per cent for a semi-detached house and 40 per cent
for a detached home.
London
has now become the world’s most expensive city,
overtaking Hong Kong, and as resources continue to
flood into the capital, property buyers and renters
alike may be pushed outside the city limits. Those
who are now out priced of locations around the original
Crossrail are looking at the locations surrounding
the next proposal. If Crossrail 2, which would not
be completed until at least 2030, was to be approved
a route north-to-south through Greater London would
also be established. Property investors are already
taking risks on nearby locations. There is an
increased demand for local realtors like Featherstone
Leigh, as areas that would follow the route, such
as Twickenham, Kingston-upon-Thames, and Clapham Junction
are expected to rise between 30 to 40 percent over
the next several years.