Abbey Wood house prices could rise 25 per cent after Crossrail

Abbey Wood house prices could rise 25 per cent after Crossrail

Abbey Wood resident June Milner is celebrating after Crossrail might boost house prices by 25 per cent

Abbey Wood rail station

First published in News News Shopper: Photograph of the Author by , reporter

ABBEY Wood residents are celebrating after house prices on the Crossrail route are forecast to soar by 25 per cent – boosting the “forgotten end” of Greenwich.

The new railway – linking Abbey Wood to central London – could increase home values along the line by up to £5.5 billion, with windfall areas including Woolwich and Abbey Wood, according to a new report.

The £16 billion Crossrail construction is one of the largest infrastructure projects ever taken on in UK and services are timetabled to be running in 2018.

June Milner’s family has lived in Abbey Wood for generations and she is thrilled at the news which she hopes will transform the area.

The 64-year-old, who lives in McLeod Road - five minutes walk from the station - said: “I am really really pleased.

“We have been waiting for this for 25 years.

“I am always complaining that we are the forgotten end of the borough to the council.”

The coordinator of Abbey Wood Community Centre says the area has become run-down in recent years with rubbish left on streets.

Ms Milner said: “We don’t get a [road] sweep every week. “They must think we are animals, the way it is left and trashed and I just think this could be such a good thing – the area needs to be brought back to the way it was so we are not the forgotten end of the borough.

“What we have got once you close the door is lovely – it would be fantastic if the area was nice too.”

She added that a lot of people currently rent out houses and she believes they will now reclaim them, renovate them and sell them on.

The findings come from a report commissioned by Crossrail and carried out by property consultancy GVA.

Director of GVA Mike Taylor says areas such as Abbey Wood and Woolwich are “future places to watch” on the property market.

He said: As a result of significantly improved transport connections, areas such as Abbey Wood, Woolwich, Ealing Broadway and Southall are highlighted as future places to watch. Crossrail is more than a new rail link, it will be the catalyst for regeneration and a key driver in maintaining London’s position as a leading global city.”

Mayor of London Boris Johnson added: "Crossrail is vital to support London's growing population and to ensure our city's future economic prosperity in an increasingly competitive world.

"These latest figures demonstrate the impact of this ambitious project is already taking hold, creating jobs and sparking regeneration across the capital. This is good news not just for Londoners but for the nation's economic health as a whole."

Comments (3)

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3:39pm Thu 18 Oct 12

Outandabout says...

Why celebrate? We have moved on to be a nation of people who now buy houses as an investment. I bought mine for a really outdated reason, something no one suggests you do if, for example there is negative equity, I.....live in it. This only benefits the lenders. We are now at the point where somethign has stopped. up until a few years ago the latest generation was always better off then the one before, not any more. It is unlikely that my children can afford a reasonable liestyle and buy their own home rather than living from hand to mouth just to pay a high mortgage. So, back to my original point, 'why celebrate' we have just made reasonably priced housing too expensive for many people to buy, it is all relative. Those who sell will not be easily able to afford bigger places. The only advantage comes with 'downsizing'. That doesn't suit everyone
Why celebrate? We have moved on to be a nation of people who now buy houses as an investment. I bought mine for a really outdated reason, something no one suggests you do if, for example there is negative equity, I.....live in it. This only benefits the lenders. We are now at the point where somethign has stopped. up until a few years ago the latest generation was always better off then the one before, not any more. It is unlikely that my children can afford a reasonable liestyle and buy their own home rather than living from hand to mouth just to pay a high mortgage. So, back to my original point, 'why celebrate' we have just made reasonably priced housing too expensive for many people to buy, it is all relative. Those who sell will not be easily able to afford bigger places. The only advantage comes with 'downsizing'. That doesn't suit everyone Outandabout
  • Score: 0

11:36am Fri 19 Oct 12

j.j. says...

It's unbelievable that people celebrate house prices going up. The only difference to celebrating petrol or food prices going up is that these increases do not only impact us, but also the children of current house owners who will struggle even more to get on the housing ladder. As a result many parents end up supporting their grown up children, either to buy a house or because they can't afford to move out. So in the end we end up paying for the increase - not much to celebrate there. Estate agents and banks are the only winners in the end.
It's unbelievable that people celebrate house prices going up. The only difference to celebrating petrol or food prices going up is that these increases do not only impact us, but also the children of current house owners who will struggle even more to get on the housing ladder. As a result many parents end up supporting their grown up children, either to buy a house or because they can't afford to move out. So in the end we end up paying for the increase - not much to celebrate there. Estate agents and banks are the only winners in the end. j.j.
  • Score: 1

1:20pm Fri 19 Oct 12

Outandabout says...

j.j. wrote:
It's unbelievable that people celebrate house prices going up. The only difference to celebrating petrol or food prices going up is that these increases do not only impact us, but also the children of current house owners who will struggle even more to get on the housing ladder. As a result many parents end up supporting their grown up children, either to buy a house or because they can't afford to move out. So in the end we end up paying for the increase - not much to celebrate there. Estate agents and banks are the only winners in the end.
Exactly, we are spoon fed this rubbish that it is good but it applies only if you currently own a home. Put another way, for first time buyers, house prices might rise by 25%. Not much to celebrate there! My kids will only get my Abbey Wood house when I croak, they won't be able to afford their own despite the fact they are in well paid work and in the 20's.
[quote][p][bold]j.j.[/bold] wrote: It's unbelievable that people celebrate house prices going up. The only difference to celebrating petrol or food prices going up is that these increases do not only impact us, but also the children of current house owners who will struggle even more to get on the housing ladder. As a result many parents end up supporting their grown up children, either to buy a house or because they can't afford to move out. So in the end we end up paying for the increase - not much to celebrate there. Estate agents and banks are the only winners in the end.[/p][/quote]Exactly, we are spoon fed this rubbish that it is good but it applies only if you currently own a home. Put another way, for first time buyers, house prices might rise by 25%. Not much to celebrate there! My kids will only get my Abbey Wood house when I croak, they won't be able to afford their own despite the fact they are in well paid work and in the 20's. Outandabout
  • Score: 0

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