Opening of Crossrail route causes house prices to rise within next five years
- Credit: Archant
House prices are predicted to rise in Havering in the next five years thanks to the opening of the Crossrail route, which will run through the borough.
Property company JJL Residential has revealed the potential impact Crossrail could have on house prices along the entire 38-station route from Reading to Shenfield.
According to JJL’s research, between 2014-2020 house prices will increase by 40per cent in Harold Wood and by 43pc in Romford, Gidea Park and Brentwood.
In comparison, house prices in Canary Wharf, Maryland and Liverpool Street which are predicted to increase by 44pc in the same time period.
Romford has been predicted to experience the fourth highest rental growth with a 5pc increase expected over the next five years. The town’s price growth forecast is the eleventh highest on the route.
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Crossrail has invested about £1.4m to renovate the spaces around stations in Havering, which will include improvements to pavements, roads, station entrances and car parks.
Cllr Roger Ramsey, leader of the council, said: “By working with Crossrail and TfL, we will be able to make the necessary improvements to these areas to make them more pleasant and easier to travel through to get to and from the stations.”
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Surprisingly, despite Gidea Park and Brentwood being announced to be in the top 10 most “pleasant” places to live along the Crossrail route, little or no improvement is planned to the stations.
Crossrail will also fail to bring a significant improvement to commuter journey times from Havering.
A Crossrail spokesman said: “The improved transport links will make destinations in Havering even more attractive places to live, work and visit.
“Property consultants GVA have also projected that Crossrail will support the delivery of more than 57,000 new homes near to the stations that will benefit from the new service.”