Crossrail development drives property boom

Outside London, Reading has recorded an 11pc increase in the price of a flat since 2004, but larger properties in the area increased by between 40pc and 63pc. “Reading is fast becoming as one of the country’s hottest property areas,” said Mr Quirk. “And we predict prices in the area will grow as much as 50pc over six years.”

The extension of Crossrail into Essex means some areas have doubled in value over the past 10 years.

The price of detached properties in Brentwood has risen from £400,000 to £800,000.

Forest Gate in east London could see one of the largest increases, topping £100,000 over the next six years, he said.

It is estimated that 200m passengers will use Crossrail every year, increasing the capital’s transport network by 10pc, and creating a domino effect as the London suburbs one stop away from a Crossrail station also increase in price.

Homes in Maidenhead, Slough, Iver, Burnham and Langley are also expected to increase in value by up to £150,000 by 2020.

“The London market has overheated but there are still pockets of the capital and the South East which represent opportunities for property investment,” said Mr Quirk. “Crossrail locations can expect significantly elevated increases in prices in the coming years compared with non-Crossrail areas.”

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