Property experts predict Crossrail could create a house price boom - Reading
03-29-2014
By David Millward
But there are fears Reading workers could be squeezed out the housing market by City workers.
Reading town centre
Home owners could see the value of their property rise with the arrival of Crossrail to the town, property experts are predicting.
Yesterday's announcement that Reading will become the terminus for the cross-London route instead of Maidenhead has led to speculation the town will be a magnet for City workers.
Crossrail route map: Reading to Shenfield
But it has also fed concerns Reading folk looking to rent or buy a home in the town could be priced out of the market.
Crossrail under construction: Images from Europe's largest rail infrastructure project
Crossrail will operate from Reading in the west through to Shenfield, Essex, in the east providing commuters with direct access to the City of London and Canary Wharf.
Jon Roberts, residential sales director at Romans estate agents, believes the service will have an impact on house prices in Reading.
He said: "The introduction of Crossrail will definitely have a positive effect on the local economy in Reading.
"I predict properties within walking distance of the main railway station will increase in value substantially, particular those situated within the RG1 postcode.
"We’ve already seen an influx in buyers moving to Reading from London, looking for more affordable housing in this popular commuter town, and Crossrail will only make the area look more attractive.
"It wouldn’t surprise me if more new homes were developed in and around Reading, with a focus on modern apartments for the commuters.
"Investors should keep an eye out for opportunities now, as house prices continue to rise."
Crossrail to be extended to Reading
Andy Malone, sales director of Atlantis Property, said he welcomes the arrival of Crossrail in 2019 but believes the real benefit will come if future improvements to the service speeds up the Reading to Paddington journey.
He said: "We expect house prices in Reading to continue rising above the national average and the decision to extend Crossrail only adds to the town’s stock as a commuter base. It’s important to note that this won’t be the only factor affecting price increases though.
"Although the initial implementation of Crossrail will offer direct access to more areas of the capital, it will not increase journey times straight away."
He added: "The whole town will be delighted that the correct decision has been reached and Reading will provide the west terminus for Crossrail.
"Atlantis will be backing the necessary campaign to push through a second phase of the project that makes the most of the new infrastructure and ensures Reading’s continued development into a major European economic hub."
Caversham councillor Richard Davies, Reading Borough Council's lead councillor for housing, said he is pleased Crossrail is coming to Reading but he is concerned about the possible knock-on affect to the town's workers.
He said: "There seems to be quite a lot of chatter that people are expecting house prices to be improved by easier access to London but the rents in Reading are already pretty high and people on a low income are already finding it difficult to find decent accommodation and we have a very, very long housing waiting list and it's partly for that reason.
"It's not quite London levels but its getting towards there."
Cllr Davies added: "House prices and rents in London are very high and if you are working in the City and looking at places where you can get to work in an hour or so, you will inevitably look further out and that perhaps will squeeze people who work in Reading who then can't afford the housing."