Transport Secretary Chris Grayling has given his backing to the £30 billion Crossrail 2 project, saying London needs new infrastructure in order to retain its status as the UK’s economic powerhouse.
The scheme would link the suburban railway network from Wimbledon to Tottenham Hale, with connections to London Underground, London Overground, and the Elizabeth Line. Construction is likely to start in the early 2020s, with the line opening in 2033.
What impact could Crossrail 2 have on the property industry?
Now is a great time to invest along the route. Sadiq Khan has said that “Crossrail 2 is essential for the future prosperity of London and the South East,” with the project estimated to unlock around 200,000 new homes and 200,000 jobs.
And if you go by the impact past transport developments, Crossrail 2 is sure to boost connectivity and regeneration. Experts predict that house prices will rise along the line in the same way they did when the Elizabeth Line was announced, were properties near some of the stations outperformed as much as 40%. Research for The Daily Telegraph demonstrated that Seven Sisters has seen the largest increase so far, with prices rising from £221,000 to £373,000.
Back in April, Crossrail 2 was publicly backed by more than 60 property industry leaders, who said it would ease London’s housing crisis.
Writing to the Chancellor Philip Hammond, they said: “It will transform transport capacity and connectivity for underdeveloped areas of the capital, such as the Upper Lea Valley, giving the certainty needed to accelerate the development of up to 200,000 new homes.”
Battersea: A Crossrail 2 investment hotspot
Home to Clapham Junction station, one of the proposed Crossrail 2 stations, Battersea is already in the middle of huge regeneration, with the extension of the Northern line into the area already given the green light.
Kingsley Hamilton Estates has a growing portfolio of properties in Nine Elms and the surrounding areas of Vauxhall and Battersea, including Battersea Exchange and Aykon, a luxurious development featuring interior design from Versace Home. You can browse our range of London developments here.
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