Press Release Summary: Those seeking to either buy to live or buy-to-let in London property may have raised an ear to the news that the Crossrail project has been approved. The £16 billion line will not commence construction until 2010 and not run any trains until 2017.
Press Release Body: Those seeking to either buy to live or buy-to-let in London property may have raised an ear to the news that the Crossrail project has been approved. The £16 billion line will not commence construction until 2010 and not run any trains until 2017, but already its impact on property prices is being talked about.
Crossrail, which will run west to east from Maidenhead in Berkshire to Shenfield in Essex, will link with eleven mainline rail stations and ten underground stations, if the Heathrow and Abbey Wood links are included, improving the already extensive network of heavy and underground rail which serves the capital.
London Real Estate Agent Knight Frank has already stated that this will turn areas previously limited in their public transport facilities into property hotspots. Residential development associate Hartley Bearns said: \"This will change areas which were once dismissed by a proportion of potential purchasers due to poor connectivity into areas which become more desirable which in turn is likely to have a positive effect on residential property values,\" thebusiness.co.uk reports.
The transport factor is a commonly mentioned issue when it comes to London property prices. Stephen Ludlow, director of residential property agent Ludlowthompson, said this was particularly so when the shortage of homes in the capital was considered. He said: \"There is too little stock [in London] and so once supply and demand kicks in and people are looking at other areas, they start picking on areas with good transport networks.\"
He gave the example of Finsbury as an area which had benefited from its connections, having an overland line, plus a tube line where the Victoria and Piccadilly lines converge (Finsbury Park). This he contrasts with nearby Clapton, which has just one overland station.
The same point was made last month by another employee of Ludlowthompson, Natalie Churchman, who gave the example of Walthamstow was \"fantastic\" as a place that was \"affordable but also on the tube\", being a few stops up from Finsbury Park on the Victoria Line and thus easily linked to central London.
Other cities around Britain may look on enviously as the money pours into London\'s transport network. Perhaps only Glasgow has a comparably extensive transport network, (including the only other genuine underground rail system). Manchester had to campaign hard for the partial restoration of its Metrolink big bang plans, while Leeds and Liverpool have floundered in their bids to get a tram system at all.
Perhaps this factor will help keep London top of the property pile, alongside the other investment advantages that come with being a capital city. But for those looking to invest in property there, the future development of the transport system may at least give a reliable guide to where the investments will increase in value the most.
2025
