The delivery of Crossrail is looming. The full extent of its benefits are yet to be seen, but we can explore the ones that have already been brought to us.
The East-West Crossrail service will improve transport links from London and the South East of England, re-connecting Reading and Heathrow towards the West, Shenfield in Essex and Abbey Wood in Greenwich in the East.
The top two impacts that crossrail will have are on; property prices and city connection travel time. Firstly, we all know that, even before the introduction of crossrail, property prices within Central London and some surrounding suburbs reached astronomical heights. West London house prices alone are tipped by all the major estate agents to grow by 50% in the next three years, to 2020, purely as a result of the introduction of the Elizabeth line to the area.
Although all houses prices along the Elizabeth line, have and will continue to see a huge jump up, house prices in West Drayton and Ealing are just some of the areas set to experience the biggest surge. The projected benefits of crossrail to West London have already triggered an increase in land purchase, development opportunities, planning permission applications and price growth.
Ealing in particular has already witnessed an increasing number of developments, such as Dickins Yard – properties within the development have already sold for over £1,000 per/sq.ft. Although developers, house buyers and investors have already latched onto the benefits crossrail has brought to its accommodating areas, there are still many more opportunities on the horizon.
Crossrail will connect east to west London as never before, effectively making for a larger London. Areas which previously would not provide ease for an individual commuting to Central London on a daily basis, are now able to, such as Slough.
In previous years the area was the backbone of one of Europe’s largest trading estates, Slough is now beginning to experience vast regeneration. Since crossrail’s arrival to the area was announced back in 2010, Sloughs property values have grown by 60%, these increases outperform the remainder of the UK, which only saw an average growth of 20% over the same time period. The characteristics and infrastructure of Slough, before the announcement of crossrail mean that although, house prices have grown considerably, the average property value in Slough is only £315,206, therefore the area can still accommodate relatively affordable properties, with good connections into London.
Moving on from crossrail’s impact on London’s property prices, we can now explore crossrail’s impact on commute times in and out of Central London.
With the Elizabeth line nearing 80% completion, users can expect to experience major time saving changes along their commute. Once completed, the new service will speed up journey times, increase central London’s rail capacity by 10% and bring an extra 1.5 million people to within 45 minutes of central London.
The new state of the art trains, being delivered to London and its surrounding areas will aim to deliver over 200 million passengers per year, the equivalent of the Brazilian population.
In order to deliver on promises, suffice expectations and provide a seamless service, cross rail trains are 200 metres in length, almost twice as long as a London Underground train – creating a more comfortable passenger experience. Operating with main line size trains carrying more than 1,500 passengers in each train during peak periods, and a train every two and a half minutes at peak time through Central London.
Moreover, Crossrail will make accessing our major international gateways like London Heathrow more accessible – for instance, the journey time from London Heathrow to the City of London (Liverpool Street) will fall from 55 to 34 minutes.
Reduced commuter times, provided by the introduction of crossrail, are one of the single most influential factors of the steep increase in property values along the Elizabeth line, the image below demonstrates the average property value along the line.
The imminent delivery of the Elizabeth line, and the future of crossrail 2 are not only having a positive impact on what some describe as neglected areas in London but also a huge impact on property values in London and commuter times. With better connections into these London areas comes a brighter outlook for business, investment, jobs and the entire UK economy.
Crossrail aims to stretch London, making the city more accessible for individuals. 2016 saw a year of uncertainty, the introduction of crossrail hopes to bring & rebuild confidence in London’s resilient economy.