Morning:
9°c
Street set to be a property hot spot
Hugo Duncan and Andrew Hough, Evening Standard8 Oct 2007
Homeowners who live near the new Crossrail stations are likely to see their house prices soar.
Hartley Beames, of Knight Frank residential development, said: "Crossrail is just what London needs. It will produce hot spots where property prices are likely to increase over and above the market in general."
Knight Frank believes London prices will go up by about six per cent a year between now and 2017 when Crossrail opens. Homes close to Crossrail stations will go up by nine-12 per cent.
These areas include Abbey Wood in Greenwich where the average price of a house could rise from £270,000 now to more than £800,000 in 10 years.
Abbey Wood is serviced only by a mainline station with journeys to London Bridge taking 25 minutes. It will be the last stop on a Crossrail spur to the South-East which is subject to rumours that the spur will be delayed. However, when Crossrail does open, Abbey Wood will be just three stops from the Isle of Dogs, with access to the Jubilee Line and DLR, and four from Whitechapel for the Hammersmith & City, District, and East London Lines.
Residents of Coptefield Drive - four streets from the proposed Abbey Wood station - are typical of those likely to benefit. Joga Singh and his wife Kulwant Kaur, both 47, bought in the area a year ago for £245,000. Their home could treble in value over the next decade. Mr Singh, a fruit packer, said: "It would be fantastic. When we bought we had no idea this could happen."
Across the road are Denise Trainor, 55, a manager with the National Maritime Museum, and her husband, fleet engineer supervisor John, 57. They bought their home for £80,000 22 years ago. It is valued at £250,000. Mr Trainor said: "If you travel north-south it is very, very difficult. If travelling times were to improve that would be great."
