London housing crisis: the mixed blessings of Crossrail

London housing crisis: the mixed blessings of Crossrail

Property price uplift from the capitals forthcoming new east-west rail link underlines how vital affordable housing is

New analysis from Savills underlines the uplifting effect of rail links on the value of property. Or the distorting effects, if you prefer. House prices in many – though not all – areas within a 500 metre radius of forthcoming Crossrail stations have already been rising faster than in neighbouring ones further away, and there are still four years to go before any trains begin to roll.

Savills stresses that the appeal of faster, more convenient commutes is not, of itself, enough if the potential Crossrail creates for selling houses and flats is to be fully exploited: stations must be accompanied by place improvement to achieve uplift potential. That means attractive public realm – planning jargon for streets and squares – furnished with suitable shops and offices. Station locations where prices have not yet raced ahead of those in adjacent ones are those where Savills thinks the most money could eventually be made: the north-east section of the route containing Manor Park, Ilford, Seven Kings, Goodmayes and Chadwell Heath.

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Source: Guardian Transport