Average property prices within a 10-minute walk of the central Crossrail stations are forecast to rise by 40% between now and 2018.
According to Knight Frank’s Crossrail 2013 report, average property prices in these areas have already risen by 30% since 2008, outperforming the prime central London market by 8% over that time.
Homes in London’s Farringdon and Tottenham Court Road areas will see the largest uplift, with values expected to rise by 1.5% per year. This will give a 43% total increase in the next five years.
There are 7,929 private new homes with planning permission, under construction or recently completed in the central Crossrail “walkzones”.
Crossrail, which was given Royal Assent in 2008, is due to open in 2018.
Gráinne Gilmore, head of Knight Frank UK residential research, said: “The biggest beneficiaries will be Tottenham Court Road and Farringdon, although for quite different reasons. The area around Tottenham Court Road station is set to be transformed by the new developments planned by Crossrail, giving the junction with Oxford Street a much-needed facelift.
“Meanwhile Farringdon will become one of the biggest transport hubs in London, linking the East/West Crossrail route to the North/South Thameslink service and making it a very attractive destination for homebuyers who want to be able to reach most corners of the capital quickly.”
annabel.dixon@estatesgazette.com
