How to get rich quick from Crossrail
01-21-2015
A cool, new tool reveals the full extent of house price growth and commuter times for each Crossrail station
Aerial view of the Bond Street Crossrail construction site
Crossrail will bring 1.5m people within a 45 minute commute of London - but will it speed your journey up?
Anna White
By Anna White, Property correspondent
Homeowners in Whitechapel will see a 54pc increase in house prices over the next five years - the biggest jump in values for any London village on the Crossrail route.
A new interactive graphic built by the property company, JLL, and to be launched this morning, has revealed the full extent of house price growth along the entire 38-station route from Reading to Shenfield in Essex. Use it here.
Whitechapel is "ripe" for regeneration, according to JLL, while Woolwich came second in the ranking with a 52pc uplift in prices. The forecast for house price rises took into account the "Crossrail effect", regeneration and property price inflation regardless of the new line.
West Drayton (51pc), Ealing Broadway (50pc) and West Ealing (48pc) completed the top five areas in the index, which analysed a 750m radius around each station on the track which is designed to transport commuters and tourists into London faster.
Homeowners living in the top-performing areas will enjoy around 19pc growth as a result of Crossrail alone, while the average impact across all 38 stations is 8pc.
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"Areas experiencing significant regeneration to combine with the Crossrail effect will benefit most, but all Crossrail locations will reap the rewards of a higher profile alongside greater consumer and developer interest," said Adam Challis, head of residential research at JLL.
Areas such as Ilford, Langley, Slough and Abbeywood are worth considering as well, he continued.
But, the public belief that Crossrail will reduce a commuter's journey from every station is unfounded, the report claimed.
"It is a misconception that Crossrail will deliver notable journey time savings throughout its route," JLL analyst Neil Chegwidden said.
For commuters travelling from Ilford, Seven Kings and Shenfield, for example, the new fast line will not shave any time off their journey. Romford to Canary Wharf will remain the same, and the line from Paddington to Heathrow will not be any quicker.
"The journey time impacts from the west into Paddington and from the north east into Liverpool Street will be marginal," he added.
In fact, the research shows that commuters travelling from 10pc to 15pc of the stations will see no time saving at all.
Crossrail facts
It is Europe's largest infrastructure project
42km of tunnelling is being dug beneath London
10 new stations are being built
Over 62m working hours have been completed so far
The full service will be running by 2019
It will bring 1.5m people within a 45-minute commute of London.
To use the JLL interactive graphic, click here.