Cashing in on Crossrail? Your home should be taxed, say the Greens

Homeowners who benefit from rising property prices caused by Crossrail should be taxed, according to the Greens.

Credit: Crossrail

London Assembly member Darren Johnson wants the mayor to impose a windfall tax.

Crossrail breakthrough beneath Finsbury Circus Credit: PA

The Greens point to recent research showing average house prices near Crossrail stations are 5% than the local market.

Crossrail breakthrough beneath Finsbury Circus Credit: PA

This huge wealth windfall may sound great for anyone who owns property and land near a Crossrail station, but it shows the project will drive up housing costs in relatively affordable parts of London without further action.

It’s also a private windfall off the back of £15 billion of public investment. We could dampen the rise in house prices and help fund the project by taxing some of that windfall, using a land value tax.

– Darren Johnson, Green Member, London Assembly