Member Article

Effects of Crossrail to the London property market

Additional crossrails in London tube give more access to transportation to neighboring areas outside of London. New infrastructures also signify that the area will have more developments thus the cost of living in these areas will also increase. One of the fastest- moving industry in this neighbourhood is the real estate or property market. House prices are constantly moving up and once another project has been established in one area, expect the house prices to go skyrocketing. A tube line called the Elizabeth Line is set to be open in 2018 but a lot of predictions regarding house price increase are already circulating. Since its announcement, housing prices around the areas where the Elizabeth Line will pass through has already seen increase in property prices and it is believed to continue increasing by three percent until the time it opens and becomes fully operational. What’s next for Canary Wharf, Abbey Wood, Stratford and Woolwich? For the past year, Abbey Wood has been the most productive area as its house prices increased up to 35% which makes the average price of houses to be £286,706. This was also caused by the projected travel time from Central London once the new cross rail starts operating. Abbey Wood will be more connected to Central London as it will only take half as much time as needed using the new station. The new cross rails will also cut the travel time to other areas almost by half so more people are turning their heads toward these neighborhood. Canary Wharf and Woolwich are looking into an increase of four to five percent yearly up until the nearby stations start running trains. Among the two, Woolwich seems to be looking into a brighter neighbourhood as hundreds of Properties are currently in construction while few thousands more are planned to be built around the area. Since this area will be easier to reach than before, more people are pouring in and the demand is also expected to go up until the station’s launch. Generally, all of the neighboring areas of the soon- to open Elizabeth Line will see price increase for the next few months leading to its opening. The Elizabeth Line not only aims to cut the commute time by half but also to connect the whole of London better.

This was posted in Bdaily's Members' News section by David Hatch .