The projected arrival of Crossrail in 2019 is spurring property developers into action all over London, creating a needed supply of new commercial and residential developments.
Research undertaken by property consultants GVA revealed that between 2008 and 2013, 41% of planning applications within a 1km radius of a Crossrail station gave the new railway as the reason for choosing that particular development site.
More recently, research by property company JLL Residential forecast how much property values and rents are anticipated to rise over the next six years. It also identified the locations that will experience the most growth and benefit.
To present their findings in a unique and interactive manner, in January JLL Residential launched a dynamic webtool that reveals the extent of property price growth along the entire route from Reading to Shenfield in Essex, which includes 38 stations. It enables users to examine research data and its corresponding forecasts in a number of different ways.
According to the tool, all Crossrail stations should witness growth in house prices during the 2014-2020 period, but locations such as Whitechapel and Ealing Broadway are expected to witness the most significant activity.
And the Winners Are....
Homeowners in Whitechapel will see a 54pc increase in property values over the next five years, which is the biggest jump for any London location along the Crossrail route. Woolwich is a close second at 52pc, while West Drayton, Ealing Broadway, and West Ealing (51, 50, and 48pc respectively) complete the top five growth areas.
Develop to sell potential is also assessed based on area desirability, build opportunities, development risk, and potential price growth. Whitechapel emerges with the highest score, with Ealing Broadway and West Drayton close behind.