By Andy Noton
Crossrail is a huge infrastructure project, the largest currently under way in Europe. Stretching from Reading in the West all the way to Shenfield in the East, with branches off to Heathrow and Abbey Wood via Canary Wharf, the project is enormous. It promises for a better connected commuter network, bringing an additional 1.5 million people within 45 minutes’ commute of London’s key business and entertainment districts. In real terms this will connect the City, Canary Wharf, the West End and Heathrow Airport with the prime commuter territory to the east and west of the capital.
As most UK property investors will be aware, commuter convenience has a considerable impact on property prices. One of the key factors that boosts property prices is the proximity to Central London and the subsequent commute time.
Once Crossrail has been completed, a huge number of properties will suddenly be closer to London with billions of pounds of increased value being predicted by the team behind Crossrail.
London property prices are notoriously resilient, and Crossrail is only going to enhance this. By connecting 40 stations through 21 London Boroughs, the benefits of central London will be extended to many more people and areas.
Opportunities for property investment in London
While the Midas-like effect of Crossrail extends far and wide, some areas will benefit more than others, however many values already have a Crossrail premium attached to them. London property investors will now be looking at future London infrastructure projects such as Crossrail 2 and HS2, which gives them an opportunity to buy before the price premium is fully factored in.
It is also worth noting that the improved transport links will help to trigger a transformative effect in the greater London Boroughs, making the long term London property investment prospects fantastic. With journey times halving in some areas, London will be better connected than ever. New boroughs and districts of the city will be opened up to people who previously hadn’t considered them as viable and lucrative options for London property investment.
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