Friday, 7 March 2014

UK 060314 - Crossrail a shot in the arm for London property developers.

London’s Crossrail scheme is galvanising property development along the route of the new £14.8bn east-west line, with nearly half of developers citing it as a motive for construction in 2013 – up from 15 per cent in 2009.

When it opens in 2018, Crossrail is expected to increase the city’s rail network capacity by 10 per cent, promising much-needed relief to the capital’s transport system.

But as well as easing a looming transport crunch in the city, it also appears to be boosting commercial and residential building.

Between 2008 and 2013, an average of 41 per cent of planning applications within a kilometre of stations cited the route as a justification for going ahead with construction – rising to 48 per cent in the first half of 2013, according to research commissioned by Crossrail from property consultancy GVA.

Read Full Article @ The Financial Times