We have written a number of articles in the past explaining how properties close to transport links can offer premium prices. These locations are very popular, with both buyers and renters willing to pay extra for easy access to transportation.
Transport for London (TfL) recently revealed the responses they had received from a public consultation regarding plans to extend the Barkerloo Line to Lewisham. Two thirds of the 4,899 responses were in favour of the project. The new route would extend from Elephant & Castle and follow Old Kent Road to reach the south east Borough. If the plans are accepted the extension could be complete by 2029.
The project would be a very interesting one for London, unlocking the potential to create up to 20,000 new homes. On top of this commute times from Lewisham would be cut by up to nine minutes, making the area more popular for commuters who work in the city centre.
Four new stations would be created if the current plan is accepted. There would be one in Lewisham at the new terminus of the line. Two would be placed along Old Kent Road and the final one would be at New Cross Gate. Work would also take place to expand Elephant and Castle to accommodate more trains and passengers.
The extension of the Bakerloo Line would create some new property hotspots, including in Lewisham. If the project achieves planning permission house prices could rise in a similar way to what is being seen with Crossrail. This would interest all kinds of buyers, including investors.
The South East of London is not as well served by the London Underground as other regions of the capital. The extension would help to improve this and also raise the potential for further expansion in the future.
Finefair provides a myriad of services across London, including growing to be the leading provider of estate management Lewisham has to offer. New transport links would be fantastic for the area and provide a big boost to the local market. The potential for the creation of new homes is great too and would help to meet the high demand.
If you would like to find out more about estate management and how we excel at meeting the needs of clients, please get in touch.