Advertisement

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