Crossrail 2 is vital to 'fix housing crisis' say property experts

By Isabelle Fraser

Time for Crossrail 2? CREDIT: BLOOMBERG

Giving the green light to Crossrail 2 has been backed by more than 60 property industry leaders, who said it would help ease London's housing crisis by unlocking more than 200,000 homes.

Writing to the Chancellor Philip Hammond, they said: "It will transform transport capacity and connectivity for underdeveloped areas of the capital, such as the Upper Lea Valley, giving the certainty needed to accelerate the development of up to 200,000 new homes."


Signatories of the letter include Melanie Leech, head of the British Property Federation, all of the members of the G15 - London's biggest housing associations - and Tony Pidgley, the chairman of Berkeley Homes, who said that "Crossrail 2 is the only scheme that can make a significant difference to the South East’s housing stock".

The opening up of these areas previously under-served by transport would help not just London, but boost house building across the wider South East, with 30pc of the new homes to be delivered outside the capital.

Ms Leech said that the scheme "will stimulate regeneration up and down its route from the Solent to the Wash, opening sites for new housing and employment. A swift decision from Government on Crossrail 2 would provide a vote of confidence for our industry".

Crossrail 1, which is due to open fully in 2019, opened up the development of Thamesmead in south-east London, with 20,000 new homes there built by Peabody. Stephen Howlett, chief executive of the housing association, said: “Crossrail 2 would have a similarly transformative effect across London."

A new report by JLL for the Westminster Property Association found that the property sector could pay more towards the cost of the project than the Elizabeth Line, due to revenue from the community infrastructure levy and the business rate supplement. London has committed to meeting half the cost of the project.

Last month, more than 70 business leaders including EY, Canary Wharf Group and Heathrow Airport said that Crossrail 2 was "of national importance", adding that it would create more than 100,000 additional jobs in the capital. A decision on the project is expected from Government in the spring.

http://www.telegraph.co.uk/business/2017/04/03/crossrail-2-vital-fix-housing-crisis-say-property-experts/