Property prices along the new Elizabeth Line in London have risen a great deal in the seven years since the project began. The work to build a new Underground line is known as Crossrail, but the route will be renamed in 2018 when the central section is finished. The name change was unveiled in February 2016 and is intended to commemorate Queen Elizabeth II, the longest serving British Monarch, and will be coloured royal purple on maps.
According to findings from Zoopla, property prices along the new route have risen an impressive amount since the beginning of the project. The largest rises have been in central areas such as Bond Street and Tottenham Court Road (both 66%) but there have been major rises in Zones Three and Four as well. Even areas towards the ends of the line have seen higher rises than the UK average, with Reading the only exception.
The findings are further evidence of the importance of transport links for property owners in London. The line will be partially operational in 2018 but will not be fully finished until the following year. It will feature forty stops, stretching from Reading to Shenfield. The houses close to these stations have risen in value and are commanding a premium because of the improved accessibility they will offer in the future.
Thanks to the project several areas toward the ends of the line are expected to become new property hotspots in the coming years. People living in these areas will be able to take advantage of much shorter commuting times and frequent, high capacity services that will connect them with the heart of the capital.
Over the coming years demand for properties along the route is likely to continue and could rise even more in outlying areas as people look to make their money go further whilst still benefitting from the transport link. If you are looking to buy a property, whether as an investment or a home, it is important to consider how future developments such as these will affect the future value of the property. As Barking and Dagenham property management and investment specialists, we will always be on hand to provide the advice you need to make an excellent investment.