If you haven’t already heard Crossrail is Europe’s largest construction project and is among the most significant infrastructure projects ever undertaken in the UK. From improving journey times across London, to easing congestion and offering better connections, Crossrail will change the way people travel around the capital. By 2018 40 Crossrail stations will exist over 21 London Boroughs and will rejuvenate travel across London. Here are some facts, figures and forecasts to digest:
- Crossrail will transform rail transport in London, increasing capacity by 10%, supporting regeneration and cutting journey times across the city
- Crossrail is Europe’s largest construction project – work started in May 2009 and there are currently over 10,000 people working across over 40 construction sites
- The Crossrail route will run over 100km from Reading and Heathrow in the west, through new tunnels under central London to Shenfield and Woolwich in the east.
- Crossrail will bring an extra 1.5 million people to within 45 minutes of central London and will link London’s key employment, leisure and business districts – Heathrow, West End, the City, Docklands – enabling further economic development.
- The first Crossrail services through central London will start in late 2018 – an estimated 200 million annual passengers will use Crossrail.
- The total funding envelope available to deliver Crossrail is £14.8bn.
The Crossrail Effect on UK Property
There is a clear correlation between the demand for property and its proximity to transport links. Take this one step further and it’s clear that the deployment of new transport links has a direct impact by increasing property prices in the immediately vicinity beyond general market increases. Recent reports suggest that on average prices within a 10-15 minute walk from Crossrail stations have already outperformed prices from properties outside this scope and will continue to do so. Here are some considerations:
- Residential capital values are projected to increase immediately around Crossrail stations in central London by 25 per cent, and by 20 per cent in the suburbs, again above a rising baseline projection. (Crossrail in numbers)
- Significant property investment could take place at locations including Canary Wharf, Farringdon, Whitechapel, Abbey Wood, Custom House, Ealing Broadway, Southall and Woolwich. (Crossrail in numbers)
- On average, residential properties within a 15-minute walk of stations in the Eastern section of Crossrail have outperformed prices in the surrounding local authorities. (Knight Frank)
- Average residential prices have risen by 25% around Woolwich station. (Knight Frank)
- Homeowners living in the top-performing areas will enjoy around 19pc growth as a result of Crossrail alone, while the average impact across all 38 stations is 8pc. (Daily telegraph)
- 117k Average increase in the value of homes in the top five areas (directly attributed to Crossrail 2013-2015, propertyweek.com).