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With London’s property prices increasing steadily, another factor is set to add yet more fuel to the flames of the capital’s property market.
Crossrail, the rail project due for completion in 2018, it is predicted, will add up to 13% to the value of property, an increase which is set to take effect even before the infrastructure is complete.
Part of the reason for the increase is the decreased commuting times, which, it is reported, will wipe an average of 15 minutes off the journey for 750,000 of the existing commuter population. In addition, the figures take into account the additional commuters that are expected to travel to the capital using Crossrail from areas that are currently less well serviced in terms of transport links. Areas such as Paddington and Farringdon will become new hubs for the Crossrail project.
Property price rises will be on top of the increase that occurred in certain places within moments of Crossrail gaining permission to proceed, reported as 20% over and above the London average.
The expansion in the infrastructure will mean that new areas will become popular commuter destinations in which to live, allowing greater quality of life and lower commuter times. Areas that previously did not serve commuters well will now, with new transport links, prove attractive to those who work in the centre of the city, including Canary Wharf.
A CBRE report indicates that western areas, such as Southall and Ealing, will see some of the most significant reductions, while east London will not benefit as much. Stations further afield such as Maidenhead are also set to see journey times to the capital reduced and property prices consequently improved.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.