CROSSRAIL, the high speed train service that will stretch across central London, is already adding value to homes along its route, even though it is not due to open for business for three and a half years. According to a recent study, Europe’s largest infrastructure project has driven house prices up by 96pc over the past decade. It is also estimated that the average house price of property near the route would rise another 36pc by 2020.
Reading has recorded an 11% increase in the price of a flat since 2004, but larger properties in the area increased by between 40pc and 63pc. “Reading is fast becoming one of the country’s hottest property areas,” said a local agent. “And we predict prices in the area will grow as much as 50pc over six years.”
It is estimated that 200m passengers will use Crossrail every year, increasing the capital’s transport network by 10pc, and creating a domino effect as the suburbs one stop away from a Crossrail station also increase in price.
Homes in Maidenhead, Slough, Iver, Burnham and Langley are also expected to increase in value by up to £150,000 by 2020.
It is widely believed by property experts that the London market has overheated but that there are still pockets of the South East which represent opportunities for property investment,. “Our team's view is that Crossrail locations can expect significantly elevated increases in prices in the coming years compared with non-Crossrail areas.
INTEREST RATES are at a record low. This makes it relatively cheap to find the funds to buy property as an investment. The combination of likely price rises along the Crossrail route and the low cost of borrowing mean that many canny investors have already entered the market. However, it seems highly likely that there are is still plenty upside in many of the Crossrail locations and so looking out for a property investment along the route is something that really seems to make sense.