TENS of thousands of pounds are expected to be added to the value of homes over the next ten years – purely thanks to Crossrail.
The multi-billion pound trans-capital rail line is expected to add another 19 per cent to the value of homes near stations along its route – on top of base-line house price inflation.
It means householders living in a £450,000 house in the Shenfield Park area, which is just a short walk from the station, could see their investment increase by £85,500 between now and 2021.
The study, carried out by property consultancy company GVA, found Crossrail, which will use Shenfield as its eastern most terminus, will have a marked impact on a number of suburban locations by stimulating investment in commercial activities, retail and housing.
The report recognises that Crossrail – the biggest infrastructure project in Europe costing almost £15 billion and connecting Berkshire to the East by rail – will improve journey times across the capital, ease congestion and offer better connections when services start in 2018.
They are set to make Shenfield and Brentwood even more desirable than they are at the moment.
Sue Brown, a 57-year-old who has lived in Crescent Road, Warley, for 30 years, said: "To be honest, I'm not too bothered about the increase in house prices.
"I don't think of moving house just to make more money.
"The only thing that Crossrail might help with is improving the infrastructure in the town – including stimulating better roads and better shops."
Nancy Knapp, 44, who lives in Sebastian Avenue, said: "I can't see how Crossrail is going to change Shenfield that much but I do see it as a good thing. It's progress.
"But people don't think about the financial benefits of it."
Jane Jarret, who has lived in Sebastian Avenue for six years, said: "I don't know how much of a difference it will make. Shenfield is obviously very popular but I think 20 per cent might be a little optimistic."
However, another Shenfield resident, who did not wish to be named, said: "Isn't this report that we should expect our house prices to increase by all that money just sugaring the bitter pill of living with the hassle of the construction?"
Mike Taylor, author of the report, said he expected Crossrail to stimulate extra house building – even though he could not quantify how much would be built in the borough.
He said that one of the biggest impacts of Crossrail will be on the commercial and residential property market with additional value of as much as £5.5bn generated along the route.
In addition to residential property prices the report also suggests that improved links along the route will significantly increase the value of office space – from just under £250 a square metre to almost £300 a square metre in 2021.
Mr Taylor added: "Crossrail is going to increase the visibility of Brentwood and increase prices.
"And it gives business an increased visibility for Brentwood and Shenfield. Improved transport links will make Brentwood an even more attractive place to live and work and prices should reflect that.
"Crossrail is coming and the local authority needs to be on top of what it needs to do to get the most out of Crossrail," Mr Taylor added.
Andrew Spicer, manager of Hilbery Chaplin estate agents in Shenfield High Street, said: "It would be easy if I had a crystal ball – but I've been here for seven years and even through the tough years the market here in Shenfield has performed very well.
"The 19 percent added on to a house price is something that is probably right.
"Crossrail is not a secret and is one of the reasons that property prices have held up so well when other areas further away have suffered."
However eMoov owner Russell Quirk, whose offices are a short walk from Brentwood railway station, said: "It will have a positive effect -– but what will the increase be, who knows?
"And to a large extent Crossrail has already been factored into the house prices."
Andrew Wolstenholme, Crossrail chief executive, said: "Crossrail is already having an impact on property investment decisions. In many areas, Crossrail will have a transformative impact as a result of new journey opportunities and direct access to London's major employment areas."
