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Crossrail 2 Could Unlock Over 200,000 New Homes

According to more than 60 property industry leaders, the Crossrail 2 scheme is key to easing the housing crisis.

Crossrail 2 Housing Crisis

In a letter to the chancellor, Philip Hammond, a large group of property industry leaders has called on the government to give Crossrail 2 the green light in order to take a step towards solving the housing crisis in London.

The signatories include the head of the British Property Federation, all of the members of London’s biggest housing association (G15) and the chairman of Berkeley Homes.

By opening up previously under-served areas, the group believes that the scheme has the potential to unlock over 200,000 new homes in the capital and across the South East of England.

The new railway project would follow the completion of Crossrail 1, also known as the Elizabeth Line, which is due to be fully open and operational by the end of 2019.

With the Elizabeth Line enabling more than 20,000 new homes being built by the housing association Peabody at Thamesmead, the construction company’s chief executive believes that Crossrail 2 could have a similar effect across London.

The scheme was also backed last month by over 70 business leaders, including EY, Canary Wharf Group and Heathrow Airport, who believed that the new railway project has the potential to unlock over 100,000 new jobs in London and is an important project for the country.

Commenting on the letter, the head of the British Property Federation, Melanie Leech, said:

‘[Crossrail 2] 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.’

Last week, investment management company Jones Lang LaSalle (JLL) reported that the amount of new residential property units in London entering construction process in the last quarter of 2016 fell by 75% year-on-year.

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