The Elizabeth line, one of the most eagerly anticipated infrastructure projects in London, is soon to open on the 24 May. This high speed rail line will stretch more than 100km from Reading and Heathrow to Shenfield and Abbey Wood.
Once operational, the Elizabeth line will provide a much-needed link between different areas of the city, reducing journey times and making it easier for residents to get around.
The line will also have a transformative effect on many parts of London, particularly those on the outskirts of the city which have historically been poorly connected. Already, we are seeing house prices increasing dramatically in areas where the Elizabeth line will open which were previously undesirable. This is because investors are seeking to take advantage of the future demand for housing in these areas. From 2008 to 2019, the Elizabeth line has contributed to an average of 83.9% increase in property prices in areas where the line passes through. The graph below shows how prices have grown in specific areas of the line. House prices are predicted to continue to rise once the line opens so it’s not too late to get involved.
Many of the locations where the stations will open have also benefited from investment in the regeneration of the area. Regeneration can bring many benefits to an area, including improved economic activity, increased employment opportunities and higher property values. In many cases, regeneration can breathe new life into an area by making it more attractive to residents and business. This can already be seen in Whitechapel, where the demographics have shifted significantly in recent years.
Although prices have already risen dramatically, there is still plenty of opportunity to get involved and benefit from the ongoing house price growth in these areas.