Across London there are a number of projects to improve the transport infrastructure further. One project recently decided on is an extension of the Bakerloo Line to Lewisham. The route has been decided with Transport for London (TfL) opting to go via Old Kent Road rather than through Camberwell and Peckham.
The £850 million project could take anywhere up to ten years to complete but it will bring faster, more frequent services to the south east of London when it is finished. According to the plans the extended Bakerloo Line will have enough capacity to cater for 65,000 additional journeys into and out of the capital. This will be great news to residents across the areas that will benefit from the new services.
Even with this first plan only just being decided ideas are already floating around about extending the Bakerloo Line even further into the south east. Strategists are looking at how the route could extend to Bromley and on to suburban parts of Kent too. This would increase accessibility even further and could create new hotspots for commuters across the region.
Plans such as these can have a really big impact on the property market. Transport links are a big selling point and areas that will benefit from new stations, faster journeys, and more accessibility can see rising prices. This has been seen several times in the past, most recently with the Crossrail project.
Buyers could certainly be attracted to the possibility of rising prices in Lewisham and the other areas on the new route. Owner occupiers will see the potential for buying a home that will become more valuable in the future. Investors and landlords will look at the yields they can make now and the fact that the assets will be increasing in value.
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