As the City of London continues to grow at an ever increasing rate, vast improvements to its infrastructure and transport systems have become necessity. The largest currently undergoing development and construction is the Crossrail, which consists of an entirely new train line through the centre of London stretching from Maidenhead (Berkshire) in the west to Shenfield (Essex) in the East, incorporating both above and below ground sections. The new line will allow for greater speed and ease in commuting and visiting the centre of the capital city and opening up new areas for potential development as commuters seek new areas to live close to Crossrail stations.
Recently prices have increased notably in areas that lie in close proximity to the new stations as developers and opportunists buy up the property even though the new line is not yet completed. This is due to the expected gains in property values entirely due to the Crossrail scheme which would produce incredible returns to those who brought before the new line opens. In fact it has been predicted that the new train line will increase London property values by £5.5 Billion ($9 Billion US) in both the residential and commercial sectors. Already new developments have produced 57,000 new homes and 3.25 million square metres of new commercial space.
One of the most beneficial effects of the Crossrail is the distance the line extends into Berkshire and Essex, promoting commuting into London and new developments in these counties outside of central London. These areas have already seen rises in property prices but it is expected that values will increase vastly when the new line is open. Not only is London’s new train line boosting it’s own economy but it is driving and improving the economies of its neighbouring counties. This coming at a time where we as a nation are emerging from recession it provides welcome opportunity for both those intending on commuting to jobs in the capital but also giving opportunity to those looking to develop and profit from property in this city.
Isle of Dogs proposed station
The Student Real Estate View 