Crossrail delays likely to hit expected home cost increase along London route

Crossrail delays likely to hit expected home cost increase along London route

A delay to the Crossrail, the new transport line for London, could return property costs increments along its route, new research suggests.

It has been affirmed that the route from east to west between Shenfield in Essex and Reading, formally called the Elizabeth Line, which had been because of open in December 2018, may now be postponed until one year from now or even 2021.

There has been a lot of analysis showing the property prices near stations have already risen as a result of the major infrastructure project, but now it is being suggested that the final phase of price growth will also be delayed.

Research by estate agent comparison website GetAgent has taken a gander at the effect Crossrail has had on the property market.It says that when construction first started on the project in May 2009, the average house price around areas due to benefit with a Crossrail station was £305,442.

Throughout the following nine years, cost development along the route rise altogether by 95%, an expansion of 0.8% for every one of the 112 months, putting the new normal property cost at £595,061.

However, in September 2018 it was then announced that the delivery of the project would be delayed and in the months that followed to January 2019, the latest data available, the average house price surrounding Crossrail stations has fallen by 3.1%.