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Phil Brown

Crossrail delay: What does this mean for London Property?

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9 months late and £590 million additional costs - How will the delay of Crossrail effect the London property market? 

 

Crossrail bosses have come under attack after it was announced the Elizabeth line will now open in autumn 2019 - 9 months later than originally planned. 

 

The service that will connect stations including Reading and Heathrow in the west all the way through to Abbey wood in the East. The delay has been put down to needing further testing and to improve railway software systems. 

 

Property owners and developers are facing another hit from an already stagnant market as price increases based on this phase of Crossrails completion being further delayed, meaning significant value to areas outside of London now not being added till the end of 2019 and early 2020. 

 

For more details head to these sites: 

https://www.standard.co.uk/business/property-bosses-angry-at-delay-for-crossrail-a3926431.html

https://www.bbc.co.uk/news/uk-england-london-45367990

 

 

Screen Shot 2018-09-05 at 09.45.03.png

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Guest Edward Morgan1

Phil


Interesting point.

 

I wouldn't think the delay would have much of impact. The scheme is always going to run, so whatever impact is does have will just be delayed.

The actual impact it has is more of an interesting question. Will the increased capacity of trains increase the demand of property in outskirt places such as Reading?

 

Will the increased supply in the outskirts, cause a  fall of prices in the traditionally well connected places? 

 

I think it will increase the demand in the outskirts, and have a negligible effect on the already well connected places.

At the danger of going off on a tangent. HS2. I am sure this will increase the demand of properties in the north where the route stops, and further drive down the gap between north and south.

Would be great to know your thoughts on this.


Cheers

 

Ed 

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As an existing investor this also means delay with extra rental and the extra bit of capital appreciation on completion. 

I bought a property to live in custom house 4 years ago and an investment flat in Dartford 2 years ago. I see the latest setback as a final call to bank on the CR1 completion bonus. I'll be actively looking in the same area for any BMV amid the Brexit uncertainty. 

Places like Dartford have not been sold with the crossrail story but IMO it will benefit greatly given its connection into Abbey Wood. Not to mention there is the potential jackpot if they decide to extend it, though that's at least a decade a way! 

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