“Crossrail will have a profound impact on London’s property prices”, commented Caroline Takla, Managing Partner of London’s leading property consultancy – The Collection LLP. “Research by CBRE suggests an increase of around 40% by the time the project is completed in 2018, but there has already been a significant impact on property values along the Crossrail route, as people are buying now into the untapped potential to hedge the market.
I believe Crossrail will make London – a huge metropolis – a much ‘smaller’ place that is easier to navigate. Consequently, areas that were not previously considered ‘desirable’ such as West Ealing and Acton, will become highly sought out due to shorter commute times. Especially as there has been a distinct improvement in the array of retailers in these areas, with chains such as Patisserie Valerie and Bill’s moving in, amongst other top restaurateurs.
I expect areas like Tottenham Court Road and Holborn to also become more fashionable. In fact, my recommendation for buyers is to purchase in Holborn; it is an extremely central location, very accessible to Canary Wharf and City Airport, while remaining off most people’s radars. It is still a very untapped location with a square foot costing around £1,000, compared to £2,000 in Marylebone. Holborn also has a unique combination of beautiful traditional buildings, alongside state-of-the-art modern developments”.
Crossrail is one of Europe’s largest railway and infrastructure construction projects, with a new east-west route of 118 km across Greater London, due to launch in 2018.