The Elizabeth Line, which is one of Europe’s biggest transport infrastructure schemes, is finally set to open in London on 24 May 2022. The aim of this railway line is to connect east and west London, in addition to the commuter towns to the east and west of the capital.
Revolutionising travel across London
This new railway is the most significant investment to London transport in decades and is set to transform and modernise travel across the capital and the wider region. Once the full route is operating, the Elizabeth Line is expected to serve around 200 million people every year, according to Transport for London (TfL).
Under the banner of TfL Rail, the western and eastern sections of the route have been running for some time. However, the more central stations, including Tottenham Court Road and Bond Street, have taken longer to develop.
Running along Crossrail, the Elizabeth Line will also pass through Paddington and Liverpool Street, some of the busiest areas in all of London. Journeys between these two stations will be cut from 18 minutes to just 10 minutes.
This will improve connectivity among key transport hubs in London, while also providing links to services to the rest of the UK. As journey times will be reduced, accessibility will also be improved and additional transport capacity will be created. Through the Elizabeth Line, rail capacity in central London will be boosted by 10%, according to PA news agency
Initially, the line will operate as three separate railways and include services from Shenfield, Heathrow and Reading connecting with central tunnels from autumn this year. And then the full route will be up and running by May 2023.
Across the entire Elizabeth Line, there will be 41 stations spanning from west to east, stretching across more than 100 kilometres. In central London alone, 10 new stations are opening along the new railway, including Whitechapel, Canary Wharf, Custom House and Woolwich. Additionally, fares in this part of the capital will cost the same as equivalent Tube fares.
The impact on the London property market
The Elizabeth Line is helping support new jobs and housing across the capital and is providing a huge economic boost. Once the railway line is fully up and running, this will likely have a substantial impact on house prices and rental costs.
Some locations have already seen strong growth since the project was first announced in 2008. Improving certain district’s transport connections, the Elizabeth Line is expected to boost demand for properties near the stations. Areas around these stations are also seeing further regeneration as a result of the new line.
Even after the line comes to full fruition, these locations will likely continue to command a premium with property prices and rental values. And with strong prospects for the future, this could provide investors with lucrative rental yields and capital appreciation opportunities.
Canary Wharf in particular is one of the areas along the line that is set to see the most significant speed, capacity and connectivity improvements with better access to central London and Heathrow Terminals. This is expected to be a particularly popular location for buyers, tenants and investors alike moving forward.
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