The number of homes and jobs created due to the development of the £14.8bn Elizabeth Line is set to greatly surpass expectations, according to a new report by commercial property agency GVA.
The research, commissioned by Crossrail, found that the impact of the new railway on the creation of new homes and impact on property value, is set to be significantly greater than GVA originally predicted in a 2012 report.
GVA expects 90,599 new homes along the route by 2021 - higher than the 57,000 new homes predicted in the previous report. GVA also expects a £10.6bn increase in property values within 1km of an Elizabeth Line station by 2021.
Looking ahead to assess the impact once the Elizabeth Line is fully operational and established as part of the capital's transport network, the report forecasts 180,000 new homes being created by 2026.
Also by 2026, Crossrail could create up to £20.1bn in additional residential property value, with average value increases along the route of 29 per cent ahead of baseline forecasts.
The Elizabeth Line, as it will be known when the central tunnels under London open, will run from Reading and Heathrow in the west, through 26 miles of new tunnels under central London to Shenfield and Abbey Wood in the east. It is set to be fully open in December 2019.
GVA said the permitted and potential planning pipeline combined with value forecasts and property market trends indicate that Crossrail's contribution will rise in the run up to, and years following, the opening of the Elizabeth Line.
The report says the new railway will help underling London's status as a global city, allowing for the accommodation of 300,000 new jobs, with over 4.4m square metres of commercial office and retail space expected along the route by 2021.
Andrew Wolstenholme, chief executive of Crossrail Limited, said: “Crossrail is delivering more than just a railway, as well as cutting journey times and giving passengers more options, it is driving regeneration across London and the south east.”
|Boosted forecasts for the Elizabeth Line|
2012 prediction: Development of 57,000 new homes by 2021
2012 prediction: 18 per cent uplift in property values by 2021
2012 prediction: 3.25m sq m of commercial space by 2021
There are concerns however, over the timing and budget of the Crossrail project, with Transport for London (TfL) saying recently the project faces "increasing cost and schedule pressures".
Crossrail construction costs are £172m ahead of budget, though TfL said the Elizabeth Line is still forecast to be delivered within its overall funding.
Headaches have included Whitechapel station works being completed later than budgeted, as well as delayed works at Woolwich station.