Crossrail ‘will have positive impact on Havering and Brentwood house prices’
Homeowners in Havering and Brentwood are set to receive a massive boom in property value thanks to Crossrail, a new report claims.
The Crossrail Property Impact Study states that Romford, Brentwood and Shenfield could see house price rises of more than 20 per cent thanks to the opening of the new scheme in 2017.
Romford, Gidea Park, Harold Wood and Brentwood will all be on the line, which will have Shenfield as its starting point.
The report also claims that improved journey times to West London could also lead to more houses being built in Havering and Brentwood, as well as bringing increased custom into Romford Town Centre.
The biggest impact on house prices in the area, according to property consultant GVA, will be in Shenfield, where average house prices will be well over �1.2m by 2021, the report claims.
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Alex Armstrong, chairman of Havering Chamber of Commerce, said: “Anything that helps businesses in Havering has to be a good thing.
“People from Havering can travel further, but it also means more people can travel into to the area, and anyone extra coming into the borough is a good thing.
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“House prices are a bit of a double-edged sword as it makes people who have property happy but people who rent could see it cost them more.”
Mike Taylor, GVA director, said: “Crossrail will have a distinct impact on the residential property market not just in London but also several areas in Essex and Berkshire.
“Crossrail is more than a new rail link, it will be the catalyst for regeneration and a key driver in maintaining London’s position as a leading global city.”
Russell Quirk, director of estate agent eMoov and a Brentwood councillor, said: “It will be positive for house prices, and I agree in general, but I do take it with a pinch of salt.
“Predicting exact house price rises in the future is a bit like predicting the stock market in 2019.
“I’m also a bit suspicious that it has been commissioned now so that anyone who voices concerns over disruption – and the work will cause disruption – can be told ‘don’t worry because your house price will go up’.”