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Increasing number of Middle East buyers are investing in fringe locations in London, which are going to move up due to better infrastructure links as a result of Crossrail route, according to UK-based Knight Frank.

‘‘We are seeing increased demand from Middle East buyers investing in fringe locations in London hoping to benefit from the uplift in prices off the back of the improved infrastructure links as a result of crossrail,” said Victoria Garrett, Associate Partner, Knight Frank Dubai.

“Average property prices within a 15-minute walk of the Western Crossrail stations have risen by 28 per cent since 2008, outperforming local markets by six per cent over that time. Property prices within the same distance of Eastern Crossrail stations saw growth of 21 per cent over that period, outperforming local markets by a more modest three per cent.”

Crossrail is a 118-kilometre railway line under construction in London and its environs. It should begin full operation in 2018 with a new east-west route across Greater London. Work began in 2009 on the central part of the line — a tunnel through central London — and connections to existing lines that will become part of Crossrail after several decades of proposals.

Analysis from the consultancy shows average property prices within a 10-minute walk of Bond Street station have risen by 82 per cent, the largest increase along the Crossrail route, compared to a 43 per cent uplift in the wider area since the project received Royal Assent in July 2008 and the start of Q4 2014.

The report shows average property prices around many Crossrail stations have grown more strongly than in the surrounding local authority areas over that period. On average, the outperformance is five per cent.

Acton has seen the largest average increase amongst the stations outside of central London (77 per cent) over the last six years, outperforming its surrounding local area by 33 per cent over that time.

Although residential property prices within a 10-minute walk of the central stations have seen the highest average rise (57 per cent), the consultancy’s newly-extended Crossrail Index shows how this increase has also helped underpin price growth around many stations between Shenfield and Reading.

Khawar Khan, Research Manager, Knight Frank Dubai, said: “Our research shows overall price performance continues to be stronger in the central London sections of the Crossrail route. However, over the last 12 months, the price ‘ripple’ effect in London has really started to take effect, with stronger price growth in areas surrounding central London. This could help feed into stronger price growth around stations towards the East and West, especially those which have underperformed to date, and where housing supply is set to be delivered in the coming years.”

“The planned levels of development along the outer sections of the route should provide scope for price uplifts as the public realm is improved, amenities receive a boost and buyers have new reasons to visit the area.

“The relative ‘discount’ in terms of price per square foot in these areas compared to more central locations is also likely to work in their favour. We expect that as the opening of Crossrail approaches, the increased connectivity combined with new development will result in price outperformance in these areas,” he added.

 
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