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Crossrail to boost London property prices

by: Adam Williams
  • 23/03/2015
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Crossrail to boost London property prices
Properties located near stations on the new Crossrail line in London are set to experience a price increase.

A study into housing in London by property firm Knight Frank said the new rail link would boost areas in the east of the city centre.

Crossrail will stop at Farringdon, Liverpool Street and Whitechapel stations and all three areas had seen property prices outstrip the central London average in 2014.

The line opens in 2018 and Knight Frank said developers were moving to provide more homes in these areas, as well as Shoreditch, Old Street and Wapping which are all close by.

In the Old Street area alone more than 2,000 properties are set to be built while 748 are planned for the area near Farringdon station.

“Farringdon and nearby Clerkenwell have seen a noticable uptick in buyer activity in recent years due to their proximity to the City and the South Bank and also as a result of widespread regeneration and re-development,” the report said.

“Over the last three years, average property prices in Farringdon have risen by 45%. Crossrail will open its doors at Farringdon Station in 2018. The arrival of the highspeed east-west train route will make Farringdon one of the biggest transport interchanges in the capital.”

Knight Frank also highlighted the amount of new developments planned for Whitechapel as a sign of growing confidence in the area.

“There are a number of residential schemes under construction or with planning permission in Whitechapel amounting to nearly 1,900 units which are due to be completed in the coming years,” the firm said.

“Average property prices in the area have outperformed the average price uplift in the wider borough, climbing by more than 46% since 2011. This compares to price growth of 28% in Tower Hamlets over the same time.”

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