Abbey Wood house prices could rise 25 per cent after Crossrail (From News Shopper)

Abbey Wood house prices could rise 25 per cent after Crossrail

3:28pm Thursday 18th October 2012 in News By Sarah Trotter

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."