With Crossrail – the high-speed service that will stretch across London – due to open in four years’ time, property prices across the route in the South East of England are already increasing. House prices across the route have risen by 96% over the past decade – and many estate agencies predict that the average price of these properties could rise further by the time the project is completed, with some estimates close to 40%.
Of course, there are some stations across the route that have experienced a stronger surge than others. Property prices around Tottenham Court Road – thought of as the centre of the project – have increased by over 400% on average over the last decade; a flat that cost £240,000 in 2004 can now command over £1million.
The effects of Crossrail on the property market are not only evident in London. Reading, where the line will begin in the West, has recorded an increase of 11% on the price of a flat over the past decade, with houses experiencing an ever greater rise – and experts predict that these will continue as the project opens. In Essex, at the east terminus, there has also been an increase in prices; detached properties in Brentwood have doubled in price over the last ten years. Properties across the route, in Maidenhead, Slough, Iver, Burnham and Langley, are also expected to experience rapid price increases over the next six years.
Experts predict that once Crossrail opens in 2018, it will be used by 200m passengers every year and increase the London’s transport network by 10%. Homes close to stations are expected to continually experience price growth over the coming years, with suburbs of London even one stop away from a Crossrail station also expected to experience property price increases.
With a huge increase in property prices expected across all these areas even before the Crossrail project comes to fruition, investors looking for opportunities in the UK are spoilt for choice and almost guaranteed a growth in value. For information to assist with UK investment, contact the UK Investor Guide, part of the Overseas Guides Company, here.
The UK Investor Guide will be exhibiting at this week’s Property Investor Show at London’s ExCel on Friday 10th and Saturday 11th October where you can find out more about the growing investment opportunities across the UK and beyond.