The Crossrail Effect
The development of the Crossrail network will deliver major improvements for London and the South-East and with this comes new opportunities for investors seeking to cash in early to reap the rewards in the future. Huge improvements to the current transport system are set to be seen with easier and quicker lines becoming available for the first time in decades. The scheme will connect the City, the West End, Heathrow Airport and Canary Warf which will drastically reduce travel time and with this comes a charge in the housing demographic for homes along the railway line.
Over a period of five years, Crossrail will gradually provide more services throughout the Capital. Phase One will extend from Liverpool Street to Shenfield and is due to be introduced in May 2017. The north-east section of the route will connect the East London station of Statford with Shenfield in Essex and include works along the 15.5 mile route at Romford, Ilford, Goodmayes, Forest Gate, Harold Wood, Gidea Park, Chadwell Heath, Brentwood and Shenfield. The regeneration of East London is an ongoing project and savvy developers are looking now to cash in now.
Property prices in some areas along the Crossrail line have quadrupled in the past ten years, and at this stage the Crossrail is still another three years off. One of the areas highlighted to see a significant boost in the property industry is Forest Gate which is set to see significant regeneration in coming years. Current house prices in the area average at £540,000 which is up 36% compared to five years ago predictions suggest that figures could top £100,000 in years to come. Brentwood is another area which is set to see a boom with average figures increasing from £400,000 to £800,000. Prices in these areas are expected to see a notable price increase when compared with other clusters not close to the Crossrail links.
More information on Crossrail can be found here.
Kingsbury deals with the acquisition and sale of development sites within the Crossrail zone, and our schemes are already providing in excess of 1,000 new homes for these areas.
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