A delay to the Crossrail, the new transport line for London, could put back property prices increases along its route, new research suggests.
It has been confirmed that the route from east to west between Shenfield in Essex and Reading, officially called the Elizabeth Line, which had been due to open in December 2018, may now be delayed until next year 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 looked at the impact 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.
Over the next nine years, price growth along the route rise significantly by 95%, an increase of 0.8% for each of the 112 months, putting the new average 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%.
