The Crossrail project is one of the most exciting and significant developments taking place in London right now, and is certain to have a huge impact on the property market, altering the value of many properties across the entire city.
In the last few weeks, there has been a major development in the project as workers have tunnelled underneath the City of London. There is now a tunnel running beneath the financial district, a huge piece of civil engineering and one of the most significant parts of Crossrail’s construction. There are currently tunnels carved out beneath the capital linking the West End, the City, Canary Wharf and south-east London. Eventually they will contain new railway lines.
The £14.8bn, 100km long line will alter the way people travel throughout the capital and open up new options for people to live in areas they would not have otherwise considered. It will also make commuting faster and easier for people who live outside London but work in the capital. All of these factors will have a big impact on landlords and property owners, in terms of the tenants and buyers they can attract and the prices they can command. The project is expected to be completed by late 2018 and millions of passengers are expected to make use of the new service.
Of course, the London property market is always changing and evolving, and Crossrail is just one of the many factors taking place now and in the next few years which will have an effect on your portfolio. With so many changes taking place, it’s always a good idea to have a professional property team on hand to advise and guide you. As we specialise in property management in the City of London and throughout the rest of the capital and beyond, we are always on hand with advice and guidance on the latest developments in the world of London property. If you require us to manage your property portfolio or to provide any other kind of help with your property investments, just get in touch so we can start discussing your requirements with you.