Rents near Crossrail 2 fall as the project is shunted back

Rents are falling near Crossrail 2 stations as City Hall and the Department for Transport tussle over funding the £31bn project, Landbay research has found.

Rents near Crossrail 2 fall as the project is shunted back

The rents fell in 15 local authorities affected by Crossrail 2 in the year to September, including Broxbourne (-1.75%), Richmond (-1.13%), and Spelthorne (-2.16%), with the exception of Enfield (0.4%).

In a leaked letter Transport for London privately warned that Crossrail 2 could be delayed by a decade from 2033 to the 2040s by using money from ticket receipts on operational parts to fund the rest of the project.

Since February 2013 when the original Crossrail 2 announcement was made rents have risen considerably in a number of areas, including Broxbourne (21.5%), Enfield (13.8%), Haringey (11.4%) and Spelthorne (10.5%).

John Goodall, chief executive and founder of Landbay said: “The idea of a north/south London railway dates back to the 1970s, but it was only in 2013 that we found out where Crossrail 2 would actually run.

“Planned infrastructure is a key driver of tenant demand, so rents and property prices along the planned line quickly followed suit. But news that the line may now be delayed by a decade is nothing short of a hammer blow to all those that have had the foresight to plan that far ahead.

“What’s needed by tenants, landlords, buyers, business, and builders is a clear commitment from the government that the project will be delivered in 2033 as expected. Not only to help people and businesses plan their lives ahead but also to allow adequate time for local authorities to plug housing shortfalls before demand spirals out of control.

“For example, the latest £2bn social housing pledge is an encouraging sign that the government is taking seriously the UK’s housing shortage, but this could and should be linked to the UK’s infrastructure plan, to spare any nasty surprises down the track.”

Equity Release on Rented Property

When it comes to equity release on rented property, your options are limited. … And if you’re releasing equity this way, you won’t usually have monthly repayments. Instead, the loan (plus interest) will be repaid when you die or sell your property to go into care.

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
Taylor Holt - 300x300

Written by
Taylor Holt
Estate Planning Expert

Taylor Is Our Resident Estate Planning Expert. He Knows That Everything Revolving Around Wills or Funeral Planning Can Be a Sensitive Subject That People Don’t Like to Discuss. But He Also Knows How Important It Is to Know All There Is to Know About It. Taylor Makes It His Mission to Spread Awareness About Estate Planning, and We Believe Everyinvestor Is the Best Platform to Do That.

Monique - 300x300

Written by
Monique Pittman
Pensions Expert

Monique Is Our Resident Pensions Expert. Many People Postpone Planning Out Their Pension, Thinking That Is Something They’ll Have to Worry Much Later in Life. Monique Knows How Important It Is to Start Planning Your Pension Early, and She Wants You to Know It Too!

Written by
Lisa Schilling
Insurance Expert

Lisa Is Our Resident Insurance Expert. She Knows How Important It Is to Be Ready for Any Scenario, Especially When a Family Member Is Involved. Nobody Likes Being Found Unprepared in a Tough Situation! Lisa Can Find the Best Insurance to Cover Your Every Need, Present and Future.

Doyle Edwards - 300x300

Written by
Doyle Edwards
Mortgages Expert

Doyle Is Our Resident Mortgages Expert. He Comes From a Long Line of Financial Gurus, and It Truly Shows. Despite His Young Age, There Is No Question He Cannot Answer When It Comes to Mortgages, and His Ability to See Outside of the Box to Find the Best Mortgage Deals Is Truly Impressive.

jason stubbs 300x300 1.jpg

Written by
Jason Stubbs
Equity Release Expert

Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

rachel w.jpg

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
francis.jpg

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
Mark Patterson

Written by
Mark Patterson
Mortgage Expert

Mark Patterson is a well-known expert in mortgages. He has been working as an expert for over 15 years, and he specializes in the UK mortgage market.
kath icon.png

Katherine Read
Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date

Nicola Date
Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.