A London lettings agency says that despite its four year delay, Crossrail still presents opportunities for buy to let investors.
Benham and Reeves says that this month has seen a milestone reached for the project - the first train testing on part of the route.
And the agency says that, on average, property values in postcodes home to a Crossrail station sit 17 per cent higher than the wider area.
Current property prices in postcodes due to benefit from a Crossrail station currently average £572,686, 17 per cent higher compared to the average £490,429 across the wider districts in which they are found.
Tottenham Court Road is home to the highest Crossrail boost, with property prices in the W1 postcode currently averaging just shy of £2m, 140 per cent higher than the wider borough of Camden.
Since Crossrail was approved in July 2008, property values in postcodes due to benefit from a station have climbed by 65 per cent on average, far higher than the 39 per cent seen across the UK.
Crossrail stations within London have seen prices increase at an even greater rate, up 71 per cent since 2008, although this rate of growth sits at the same level as London as a whole.
Tottenham Court Road and Bond Street have, again, seen the biggest boost with values in the W1 postcode climbing by 172 per cent.
Crossrail also seems to be reversing negative price trends found around stations due to benefit. In Woolwich, for example, the average house price in the Crossrail postcode of SE18 was £181,022 in 2008 - that’s 23 per cent lower than the wider borough of Greenwich.
Director of Benham and Reeves, Marc von Grundherr, comments: “Despite the ongoing and extensive delays, Crossrail remains one of the most eagerly anticipated developments to the London landscape in recent times.
“It’s set to transform the way we traverse the capital by train and will substantially shorten journey times for both Londoners, and those commuting from further afield.
“So it’s hardly surprising that despite its late arrival, many areas due to benefit continue to see a substantial rate of property price growth, with homes surrounding a Crossrail station also commanding a notable premium when compared to the wider area in which they are located.”
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