Did you know that Oxford Street has the title of busiest shopping street in Europe? The estimate is as many as half a million people walk along it every single day. There are plans in place to upgrade it, making it a “pedestrian-friendly” space people will love. However, the proposals are a little controversial. Let’s have a closer look and see the latest stories on the redevelopment. Then, if you want some help with property investment in the City of Westminster, you can rely on us.

Plans

The Mayor of London is leading the plans for the pedestrianisation of Oxford Street. There have been various proposals over the years, including an idea to close the road and install a tram in 2006. While this did not come to fruition because of the cost, the idea has persisted. Current Mayor Sir Sadiq Khan has been a big supporter since his 2015 campaign, originally planning to pedestrianise the road by 2020.

Notably, there was a backlash to the plans to pedestrianise. There was opposition from local stakeholders, including residents and businesses. Westminster City Council had to step in to block them.

While the initial proposal did end up on the scrap heap, last year the Mayor of London said the plan was to follow through with pedestrianisation “as quickly as possible”. A mayoral development corporation (MDC) was set up to facilitate this. They are hoping the first section of Oxford Street will be traffic free at the end of summer 2026. Speak to us if you need help with property investment in the City of Westminster.

Council change

The story is interesting because there was initially a Labour inter-party battle. The council did not support the Mayor’s plans. However, the recent elections mean Westminster is now Conservative. Has there been a change in views? The simple answer is no; new Council leader Paul Swaddle said the plans fail to deliver “a lot of things that are really needed” for Oxford Street.

The council have a number of concerns about the plans. Most importantly, they fear pedestrianisation will actually lead to safety problems, especially at night. In addition, there are concerns it could cause an increase in crime, particularly pickpocketing and phone thefts.

While the council did confirm their opposition to the plans, they did miss a chance to issue a judicial challenge. There were concerns about how much this would potentially cost taxpayers. However, the Council leader said it was too late for a successful challenge. Rely on us to help with property investment in the City of Westminster, including guaranteed rent.

What next?

Although Westminster City Council will no longer challenge with a Judicial Review, they are still calling for changes to the plans. They plan to use “every legal avenue” that is available. In addition, they are calling on the Mayor of London to work out “a plan that actually works” for the area.

It will be really interesting to see what happens next and if there are any changes to the plans. As we said, there have been plans for Oxford Street pedestrianisation for a long time. They don’t show any sign of going away, and we could see them move forward very soon.

Create your plans for property investment in the City of Westminster

While prices have been cooling in prime parts of Central London for a while, there are still some very attractive investment opportunities. In fact, people ready to move forward with investments could save money. Properties in great areas will always be in demand.

If you are considering your plans, you can rely on us to help. Finefair Ltd provides great services for different clients. We do it all, including portfolio reviews and recommendations, guaranteed rent, HMOs, and more. Whatever you have in mind for property investment in the City of Westminster, we can give support you.

So, get in touch today; you can ask us questions, get advice, and more.