Arguably, the most sought after feature when considering purchasing or renting a property is location. Prospective buyers or tenants will look at factors such as local amenities, infrastructure and transport links. These are even more important when seeking a property in a big city such as London. Due to this, a study has revealed that properties situated near to the new Crossrail line – which is opening in 2018 – will experience a rise in price. According to the study, local housing and areas in the city centre near to Farringdon and Whitechapel will see the most change, and even increased at a faster rate than the rest of London last year.
The new line has attracted hundreds of developers and many homes are set to be built, and not only in the areas directly surrounding the development. Old Street, Shoreditch and Wapping are included in this, with Old Street seeing 2,000 additional properties alone. Recent years have seen these areas spike in buyer interest as a result of widespread redevelopment and regeneration. It is said that the new line will help build confidence in the area for investors. Since 2011 the average property prices in Farringdon have increased by 45% and once the changes will come into effect, it will be one of the capital’s biggest transport interchanges. As few workers in London drive as their means of commuting, it is important for them to live close to transport amenities.
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