Jason Taylor of East London estate agency Franklyn James on the impact of the Elizabeth Line, formerly known as Crossrail, on east and south east London
The Elizabeth Line (formerly known as Crossrail) is a hot topic of conversation again. As the project nears completion, you would have thought that house price growth would be slowing down, but the reality is that property prices are still increasing.
When it opens in 2018, the new rail line will stretch from Reading to Shenfield with a change at Whitechapel for the southbound Abbey Wood branch. With an all-important stop at Heathrow Airport, journey times along these popular routes will be significantly reduced. Many of the new stations are located in prime areas like Bond Street and Canary Wharf, but other areas are not so well known and currently much less densely populated.
This could all change, though. A major transport link running from these lesser known locations directly into the capital has already caused property prices to hit a record-breaking high (asking prices in Abbey Wood have already increased by nearly 35% to an average £286,706 over the last year). Buyers can now consider moving to areas much further outside central London, safe in the knowledge that their commute will remain manageable.
With a section of the Elizabeth Line running from Canary Wharf to Abbey Wood, congestion on the traditional routes in and out of East London should finally be greatly eased. The new stations have been carefully designed to accommodate the thousands of commuters who will use the Elizabeth Line daily, with the knock-on effect being the wealth of new shops and restaurants filling the station concourses.
A faster commute and greater opportunities to meet friends should enable Elizabeth Line users to get one step closer to a great work/life balance.