Gordon Brown?s announcement that Crossrail, the long-awaited link between East and West London is to go ahead, has implications for the property market in London, Knight Frank has said today.
The agent said the new rail line, which will run from Maidenhead in the West through to Abbey Wood in the East, will have implications for the property market, particularly where new stations cut the journey time into London from both directions. Hartley Barnes, associate for Knight Frank residential development, said: ?Crossrail is just what London needs. It will pull part of London?s transport system into the 21st Century by bringing our infrastructure in line with other global cities; as well as creating more jobs and relieving many commuters and visitors to the city, it will significantly have a positive impact on the housing market.
?Areas which were once dismissed by a proportion of potential purchasers due to poor connectivity will turn into areas which become more desirable.?
The areas which are most likely to increase in value are Abbey Wood, Stratford, West Drayton, Hayes, Southall and Hanwell, all of which will experience regeneration and increased house prices as a result of reduced journey times into London.
Liam Bailey from Knight Frank added: ?While local areas and more distant locations such as Essex are set to benefit, the real impact of the arrival of Crossrail will be the underpinning of London?s presence as the global financial centre. Improved infrastructure is key if we are to truly gain a foothold as the financial capital of the world.?