The Thames is a fantastic landmark and close proximity to it can add value to many properties in London. The downside of the river is it can act as a barrier as a result of the limited number of crossings. This is particularly true in the east.
In total there are 34 bridges along the Thames in London. Amazingly only one of them is situated to the east of Tower Bridge. All of the rest are located in the west. It is clear that the connectivity in one half of the capital is therefore much better than the other. Surprisingly though the east is home to more residential properties than the west.
A new report by the Centre for London explores the huge benefits that new connections could offer in the east. They suggest that sufficient links would free up land that could be used to build approximately 50,000 homes. Job creation would accompany the developments, seeing around 60,000 new positions created. If both of these came to fruition the benefit to the economy would be worth an estimated £1 billion each year.
There are several impressive projects in the pipeline that would see London on the right path. The Silvertown Tunnel scheduled for completion in 2023 will connect two housing areas regarded as hotspots; Greenwich Peninsula and Royal Docks. The Boroughs of Greenwich and Newham will both benefit.
The plans for new crossings including bridges and tunnels show that London is learning from its previous mistakes and looking for solutions that open up land for development. In the past poor connectivity has derailed regeneration projects in several areas including earlier plans for the aforementioned Royal Docks.
At Finefair we help clients looking for the right areas to invest in properties and offer an array of additional services like guaranteed rent. Greenwich is a very attractive area at the moment and new connections will likely boost it even further in the future. We are more than happy to help people looking for a property in the area that could prove to be a great investment.