Why is Crossrail important to London?
Unlike other major international cities like New York, Paris or Hong Kong - London's hubs of finance, commerce and entertainment are miles apart. Crossrail will connect the shopping and entertainment districts of the west-end with the financial and creative hubs of east London and Canary Wharf. It will also provide high-speed access outlying areas of Ealing and Stratford.
There has been much talk in the media about Crossrail. The Evening Standard's Homes and Property section quoted a leading analyst that areas on the line could see price increases up to 57% between 2012 and 2018.
This is a bold growth forecast by London standards, but most significantly; this exceeds the forecast for growth in prime central London.
Is 57% realistic?
Property market forecasts are like stock market forecasts: they are rarely correct. There are areas on the Crossrail line that are already benefitting from above average performance. The addition of the Crossrail will simply add value to areas already seeing
Transport links are important in boosting an area, but they are just one part of the picture. For an area to see strong growth it needs
-Good shopping facilities nearby
-Mix of buyers – e.g. UK, overseas, young professionals, families
-Proximity to other well-established areas
So which areas fulfil this criteria?
Bayswater (Paddington Station)
-Borders prime areas like Notting Hill and Marylebone
-Next to Hyde Park
-Attracts an international crowd
-Good shopping area
Clerkenwell (Farringdon Station)
-Attracts international and city money
-Strong rental market
-London's creative heartland
-Some of the best new apartments in London
-Truly international buyers-market
-Long term plans for growth
Both Clerkenwell and Bayswater represent good examples of what an area needs to succeed in London market. They have long been desirable areas to buy property. Both have good architecture, a mix of international buyers, nightlife and proximity to other established areas.
Canary Wharf has been popular for some time now but the area is undergoing constant improvement and redevelopment. The arrival of Crossrail will simply add another more value to these already sought after areas.