Recent research from Jones Lang LaSalle (JLL) tips high growth rates near Whitechapel Crossrail Station, which is great news for both investor and owner-occupier customers who have already purchased at Aldgate Place E1.
In new research released in January, JLL - who are professionals in providing investment management services - has identified that Whitechapel will benefit most significantly from the delivery of Crossrail. Homeowners in this area are projected to see a 54% increase in the value of their homes over the next five years.
This extensive study involved an in-depth analysis of every Crossrail station and the immediate surrounding area, assessed existing residential property, together with the new development opportunities and the medium and long-term potential impact that the line will have on every station location. In this research JLL has devised a unique scoring system which rates each Crossrail station on a number of criteria.
The overall Crossrail impact score, which sees Whitechapel score the most highly, takes into account the regeneration and residential development taking place and which is likely to happen, as well as factors including the potential to develop and price and rental growth forecasts.
"Areas experiencing significant regeneration to combine with the Crossrail effect will benefit most, but all Crossrail locations will reap the rewards of a higher profile alongside greater consumer and developer interest," said Adam Challis, head of residential research at JLL.
Aldgate Place is located 13 minutes’ walk from the new Whitechapel Crossrail Station, works are due to complete in 2018. Alternatively it is a two minute journey on from Aldgate East Station on the London Underground network.
This exciting research continues to support the success story for investors in the area. In January 2012, Barratt London launched the neighbouring scheme Altitude Point, which neighbours Aldgate Place. The 27 storey building which was popular with investors consisted of 235 units and completed in June 2014. At launch one-bedroom homes were available for £380,000 whilst two-bed homes were released from £513,000. During the 30 month sales period, values in the area had increased dramatically with a 76% increase in the value of one-bedroom homes and 63% increase for two-bedroom homes representing excellent capital gains for investors.
For more information on the study or to link to the interactive web tool released with the research visit http://residential.jll.co.uk/en-GB/new-residential-thinking-home/research.aspx.