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Says JLL in latest research - Crossrail: Identifying Opportunities
LONDON, 20 January 2015 - In new research released today, JLL has identified that Whitechapel will benefit most significantly from the delivery of Crossrail. Other big residential winners include Woolwich, Ealing Broadway and West Drayton.
This extensive study carried out by JLL involving the in-depth analysis of every Crossrail station and the immediate surrounding area, assessed existing residential property, together with the new development opportunities and the medium and long-term potential impact that the line will have on every station location. In this research JLL has devised a unique scoring system which rates each Crossrail station on a number of criteria. The overall Crossrail impact score, which sees Whitechapel score the most highly, takes into account the regeneration and residential development taking place and which is likely to happen, as well as factors including the potential to develop and price and rental growth forecasts.
In terms of house price growth winners, Whitechapel is expected to outperform with prices rising by as much as 54 percent by 2020, followed by Woolwich rising by 52 percent and West Drayton and Ealing Broadway by 50 percent. The maximum Crossrail impact on house prices will be at Whitechapel where price growth will exceed the Greater London average by 19 percent. On average, Crossrail stations will see prices rise by 8 percent more than Greater London over the next 6 years.
The projected maximum impact on rental growth is 15 percent above the Greater London average and 7 percent as an average for all locations on the line.
Areas that are worth investigating further are Woolwich, Iver, Langley, Slough and West Drayton. Whilst these areas may not be immediately attractive to many, JLL believes they are promising locations that should not be overlooked.
Looking at the longer term, more opportunistic areas, JLL identifies Ilford, Forest Gate, Abbey Wood and Slough as potential and significant beneficiaries of Crossrail and whilst these areas carry greater risk, they may also yield greater rewards.
Commenting on the findings, Neil Chegwidden – Residential Research Director at JLL and author of the report says: “Crossrail has already triggered land purchases, development activity and price growth along its route and our research demonstrates that there are still plenty of opportunities to come. Whilst Whitechapel comes out top in terms of overall benefit from the line, we believe that the medium to longer opportunity areas are the ones to keep an eye on as developers and investors will seek to make the most of this transport link that will connect East to West London as never before.”
To download the report please visit: http://residential.joneslanglasalle.co.uk/research/crossrail-identifying-opportunities-january-2015.aspx To access the online interactive web tool, please visit: http://residential.joneslanglasalle.co.uk/research/crossrail-identifying-opportunities-january-2015.aspx
To join the conversation on Twitter use #Crossrail or follow @JLLUKResi
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