Crossrail and House Prices

It’s the railway construction project that has certainly kept us waiting with baited breath. Since Crossrail was announced in 2007, there’s been a decade and a half of anticipation, with work falling behind schedule several times and also costing much more than anticipated. The initial budget was £14.8 billion but the bill now stands at £18.8 billion. Though it was originally due to open in 2018, it was only in May 2022 that the first section started to operate; this is the Abbey Wood to Paddington stretch of the Elizabeth Line (named in recognition of the platinum jubilee). And while there are losers in the Crossrail project – people who’ve suffered forced rehousing, construction workers who’ve died of heart attacks because of undertaking such labour-intensive jobs – there’s also no shortage of winners, not just those whose daily commutes have been made quicker and simpler by the existence of the new line, but also those whose homes are located in key spots along the new line. Let’s take a closer look at the knock-on effect of Crossrail on the housing market: Read more…