Crossrail: A Key Driver for London Property
IP Global Ltd believe now is the time to start investing in properties that are situated near future Crossrail stations.
London’s Crossrail project will have a far-reaching impact on the city when it opens in 2018. Though its GBP16 billion cost is significant, it will cut commuting times and raise rail transport capacity considerably.
With commute times into central areas such an important factor for those making decisions about where to live, this vast new project will have a correspondingly significant impact on the London property market.
Areas which were previously considered too far away by many workers are now being revaluated based on the enhanced connectivity levels Crossrail will deliver; the route will bring a further 1.5 million Londoners within 45 minutes’ travel of central areas, which is the current average commute time across the city.
Furthermore, the project is acting as a catalyst for further development and regeneration work across the city, providing a significant boost to property values that will continue over the next decade.
The effect all of this has had on London’s property markets is already clear from recent figures, with price growth around Crossrail sites significantly outpacing the citywide average since the project was announced in 2009. The sale price of homes within a mile of Crossrail stations rose 34% in this time, a rate 30.7% higher than the citywide average.
We believe that Crossrail will be the biggest single driver of London property market growth over the next decade, and we’ve already begun to invest in some strong developments including Nova House in Slough and Carlton House in Ilford.
In the north east of London, Crossrail will cut journeys from Ilford to the Canary Wharf financial services centre to just 17 minutes, while travel to Tottenham Court Road will be down to 22 minutes. The potential of this and the local regeneration work already underway is already translating into gains, with Ilford experiencing some of the highest price growth in Outer London – prices were up 17% in the year to mid-2014.
Crossrail
More centrally – and within the regeneration-focused Southeast Quarter of the city – Woolwich is expected to see massive growth over the next decade, with the population set to double by 2026 as Crossrail cuts journeys to Canary Wharf to just eight minutes. Added to the Crossrail route rather late, Woolwich is still somewhat under the radar of many investors, but forecasts expect Crossrail to drive capital appreciation to a very significant 19% above underlying market growth.
Established in 2005, IP Global is a full-service property investment company that helps high-net-worth investors add the strength of global real estate to their portfolio.
Our unique end-to-end approach, delivered by an experienced team of international real estate and investment professionals, untangles the complexities and complications of property investment.
Our end goal is for investors and international landlords to be able to manage and capitalise on their property investments just as easily as they would any other globally recognised asset class.
For more information, please contact [email protected] or visit us at www.ipglobal-ltd.com.
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