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Crossrail continues to offer residential opportunities
London, 23rd March 2016 – Less than three years until the first Crossrail trains run through the new tunnels of the Central Section of Crossrail, and less than four years until the full Crossrail service becomes operational, JLL has updated its interactive Crossrail research tool. Initially launched in 2015, the interactive webtool has been updated in terms of pricing, scoring and forecasts until the end of 2020. With many locations already benefitting from higher property values, as well as new development and regeneration, activity is expected to step up another gear in the run up to the line’s opening.
Commenting on JLL’s Crossrail house price forecasts, Neil Chegwidden, Residential Research Director at JLL says: “Crossrail continues to drive value growth right across its length. In the current market, what is becoming clear is the additional benefit it brings to some of the lower value locations along the route. It is supporting regeneration through improved accessibility and, as a result, offers a longer-term capital growth potential that may be harder to identify in central zones.
“Our updated research shows that some Crossrail locations are expected to see house price growth of 16% above the Greater London average by the end of 2020. On average, residential prices around Crossrail stations are forecast to see 7% greater uplift compared to non-Crossrail stations. Woolwich, West Drayton, Whitechapel and Ealing Broadway are the most advantageous locations to develop apartments for sale. Woolwich is forecast to experience the highest house price growth along the Crossrail route, with prices expected to rise by 39%, while West Drayton, Whitechapel, Slough, Abbey Wood and Iver are all set to see prices rise by more than 33% over the next five years. Looking at the rental market, Chegwidden continues: “Crossrail is likely to be the catalyst for Build to Rent apartment schemes; we predict that the most beneficial stations around which to develop product for rent are Whitechapel, Woolwich, Ealing Broadway, Acton, Slough and West Drayton, with rental growth over the next five years forecast to be strongest in Whitechapel, Woolwich, Ealing Broadway, West Ealing, Acton and Hanwell.” The final word: Ourresearch also identifies locations which are worth a closer look, stations which some housebuilders may not immediately consider viable development opportunities. These are headed by Iver, Langley and Slough and, we believe, even longer-term, untapped potential exists at Ilford, Forest Gate, Abbey Wood, Slough and Southall, amongst others. Please visit our dedicated website where the full version of our research and an interactive webtool can be found: www.jll.co.uk/residential-crossrail
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Notes to Editors:
Please attribute quotes taken directly from the press release to Neil Chegwidden, Residential Research Director at JLL.
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