(Newswire.net — March 21, 2016) –The new Elizabethan rail track (formerly known as Crossrail) has been in construction since 2009, and while the project is now approaching completion it will not open to the general public until 2017. As one of the most ambitious transportation projects in history, it will create a more efficient network around the capital and improve the appeal of the increasingly busy commuter belt.
While the Elizabeth Line may help to create a more effective transportation network in and around capital (while also making the London Underground 10% more efficient), it’s wider economic impact should be ignored. Those fortunate enough to live within proximity of the Elizabeth line have seen the value of their homes soar in the last five years, for example, creating greater choice and opportunities in their futures.
To put this into context, it is important to note that the UK has enjoyed nationwide property growth at an average of 30% since 2009.While this is impressive enough by itself, homes along the Elizabeth line have seen their median price increase by a staggering 52% during the same period. This type of property is now worth a staggering £522,292 on average, as opposed to the national standard of £298,863.
The highest rises have been seen in prime London hotspots, with homes on the Tottenham Court Road and Bond Street having seen an average increase of 66%. Beyond the centre of London, zone three station Forest Gate reported impressive growth of 65%, while properties located in the nearby West Ealing also saw prices increase by more than 60%. Even previously rundown districts such as Whitechapel saw increases in excess of 50%, although this was also influenced by wider regeneration projects.
While regions further afield (such as Reading) have recorded less impressive growth, it is important to note two things. Firstly, location will also be the primary influence on price points and growth, regardless of the regeneration that takes place within a specific region. We must also consider that there are still two years to go until the Elizabeth line is open for business, meaning that there is still ample time for properties at the lower-end of the market to benefit from renewed competition and price growth.
This means that while those in high value regions may already be considering a quick house sale, those in areas such as Reading will need to be a little more patient if they want to profit from the construction of the Elizabeth line. There are still huge gains to be had in these regions, however, which is great news for numerous home-owners in the south of the UK.
This is why the impact of the Elizabeth line has been so pronounced, as while prices have continued to increase throughout the UK this has begun to have an adverse effect on both supply and demand. No such restrictions apply to homes in and around the new transport lines, however, as these regions have a dedicated supply of housing to meet a motivated level of demand.
This is a dream ticket for home-owners, while it will also represent good news for buyers who want to join the so-called commuter belt in the UK