This data further compounds previous findings suggesting that enhancing travel links and transport-based regeneration can have a positive impact on the local property market. Not only can this affect property prices, but it can also encourage tenant demand and lead to higher rental prices.
Director of Benham and Reeves, Marc von Grundherr, commented: “Ever since it was first announced there was a buzz about Crossrail and areas due to benefit from the scheme started to see an almost immediate uplift in property market activity. While there’s been a few bumps in the road, or line as it were, it remains a fantastic draw for potential buyers who value the ability to traverse the capital and beyond with greater ease.
Of course, when it was first announced, no one could have predicted that higher mortgage rates and wider economic angst would result in the lethargic rate of house price growth seen across the London market over the last few years.
However, in this respect, Crossrail has certainly been a silver bullet, with postcodes home to a station largely outperforming the local authorities in which they are located and many posting positive house price growth versus the declines seen across the wider area.”
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Crossrail Postcode Property Outperforms Wider London Markets