A delay to the Crossrail, the new transport line for London, could put back property prices increases along its route, new research suggests.
When it comes to identifying London’s future property hotspots, there are few more universally trusted indicators of growth potential than “the Crossrail effect”.
A new north-south cross London railway set to link Broxbourne and Wimbledon will provide a huge boost to certain residential neighbourhoods and the creation of 200,000 new homes.
The announcement in the UK Budget that Crossrail 2 will go ahead will boost prices and demand in key suburbs such as Wimbledon, Clapham and Tooting but also in key commuter town such as Cambridge, Basingstoke, Woking and Guildford as travelling times into central London will be reduced.
It is excellent news according to Robin Paterson, chairman of UK Sotheby’s International Realty. ‘We will see pockets of accelerated growth emerge, much like we have seen around Crossrail stations such as Ealing and Slough. The new route will provide a huge boost to neighbourhoods such as Clapham and Tooting in the south, cutting journey times to The City of London in half and I would expect a future jump in prices to reflect this,’ he said.
Opt in here