Crossrail project set to bring housing boom (From Brentwood Weekly News)

Crossrail project set to bring housing boom

12:56pm Wednesday 16th January 2013 in Local news

PROPERTY prices in Brentwood are set to soar by 19 per cent over the next eight years.

Figures released by property investment firm GVA suggests prices around the borough will increase because of future developments such as Crossrail which will improve transport links between London and Brentwood.

The report says property investors will be drawn towards the borough as the new infrastructure is implemented.

Developers with projects in the town have said it has been noticeable already how interest from property investors has grown over the past few years.

Bosses from City and Country, which owns the Galleries at the former Victorian hospital site in Pastoral Way, said more than half the development has been sold and believe more is to come.

Mandy Soames, the company’s marketing director, said: “The Galleries is a historical landmark and has been lovingly restored by City and Country to offer beautiful homes set in a picturesque location.

“We have sold a number of the apartments to investors who have recognised the potential for long term growth and good yields, as well as the excellent location and ‘easy to rent’ appeal.

“Investors who want to reap the benefits when Crossrail is complete will achieve yields of between five and six per cent and tenants can move in straight away as no renovation is needed.”

Sales in the buy-to-let market have also risen in Brentwood in recent years with estate agent Beresford saying demand has increased by 85 per cent since 2009.

Crossrail is due to start operating in 2018.