Crossrail is set to have an astonishing impact on regeneration in the capital as exclusive new research reveals, says David Spittles
Many experts believe that transport-led regeneration is the single most important factor boosting the value of property. And, if they are right, then Crossrail, the east-west link through the capital, is the upgrade that will have the biggest impact in London yet.
Analysis prepared exclusively for Homes & Property by property consultancy Jones Lang LaSalle suggests the price of homes near stations along the route will increase by up to 57 per cent between now and 2018, outperforming the rest of the housing market.
According to the company's residential director, Jon Neale, properties in central London, where six new stations are being built, will see the greatest price lift - in particular, those in the Tottenham Court Road area.
"Suddenly it will become within easy reach of the City, Canary Wharf and Heathrow. It will also benefit from the ending of Crossrail 'blight' caused by the current construction upheaval."
"The key factor driving prices is the extent to which Crossrail improves the accessibility of a location from its current state."
New Crossrail stations will also be business hubs, with offices, shops and homes built above and alongside. St Pancras has shown that redevelopment of a major terminus and surrounding land can transform an area, making it a much better address, even highly desirable.
Ealing is another Crossrail beneficiary. Journey times to Bond Street, the City and Canary Wharf will be almost halved (to 15, 20 and 29 minutes respectively). Developers believe fashionable apartment living - the sort that exists in Docklands, Fulham and Putney - will attract urbanites who previously steered clear of this leafy suburb.
Dickens Yard is a town-centre regeneration scheme of 698 new flats set around new public squares and pedestrianised lanes being brought to life with shops, restaurants and markets.
Prices start at £319,950 and come with a package of extras - 24-hour concierge, underground parking and residents-only gym. A swish hotel-like entrance foyer provides a sense of arrival, and the scheme dovetails with surrounding heritage buildings, including Ealing's gothic-style town hall, a Victorian church and a Thirties fire station. Call developer St George on 020 8568 1100.
Crossrail is Europe's largest civil engineering project. Running 118 kilometres from Maidenhead and Heathrow in the west, through new twin-bore tunnels under central London to Shenfield in the east, it will increase the capital's rail capacity by 10 per cent and carry about 200 million passengers a year.
Early bird buyers can expect to benefit over the longer term, as have purchasers who bought in the Olympics zone after the Games were awarded to London in 2005 - since then prices in some east London postcodes have jumped 60 per cent.