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Property Experts Say Crossrail 2 Key to Solving Housing Crisis

Over 60 leaders in the property industry have backed a proposal to approve Crossrail 2, saying that it would unlock over 200,000 homes and help solve London’s housing crisis.

In a letter to Chancellor Philip Hammond, property industry leaders said that Crossrail 2 will transform connectivity and transport capacity for less-developed areas of London. The approval of Crossrail 2 would help provide the assurance necessary to developers and speed up the construction of up to 200,000 new properties.

Letter signatories include British Property Federation head Melanie Leech, all of the G15 members, and Chairman Tony Pidgley of Berkeley Homes. The latter stated that Crossrail 2 was the only project that could make a substantial difference to the housing stock in the South East.

Opening up these areas, which were previously poorly served by public transport, would be a benefit to not only London, but also support house reconstruction across the South East in general, with 30% of the new properties to be built outside the capital.

Ms Leech said that Crossrail 2 would encourage revitalisation along its route from the Solent to the Wash, creating opportunities for new housing and new jobs, both of which are badly needed. A quick decision from the Government on the scheme would be a positive show of support for the build industry.

Crossrail 1, which is expected to be fully operational in 2019, caused the Thamesmead in South East London to be opened up, with Peabody building 20,000 new homes there. Housing chief executive Stephen Howlett said that Crossrail 2 would have an equally dramatic and positive effect across London.

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A new report that JLL prepared for the Westminster Property Association indicated that the property sector could cover more of the project cost than the Elizabeth Line, thanks to funds realised from the business rate supplement and the community infrastructure levy. The capital has already agreed to cover half the cost of the scheme.

In March, over 70 business heads, including Heathrow Airport, Canary Wharf Group, and EY stated that Crossrail 2 was of national importance and would create over 100,000 new jobs in London. A Government decision on the project is expected in the spring.

 

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