Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Wednesday, 30 October 2013
Major new transport links impacting London's property markets
There's a silent change occurring across London that has the potential to have a significant impact on London life and the property market. Given the go-ahead in 2008, Crossrail is one of the largest transport infrastructure projects that many of us will see in a lifetime.
Creating new underground links across London from Maidenhead in the west to Shenfield and Abbeywood in the East, the new line will revolutionise the commute to work for many increasing the London's transport capacity by 10%, as well as creating new property hot-spots across London.
Back in 2008, cynics would dismissed Crossrail as a project too big for London to handle, which would ultimately fall foul of political or financial issues. However, five years on, if you take a walk around London, the landscape is changing.
Huge areas around Canary Wharf, Liverpool Street, Moorgate, Farringdon, Tottenham Court Road, Bond Street and Paddington are changing under our noses. This project is all of a sudden becoming real.
The impact on property prices in the areas affected has also become real.
According to Knight Frank, property prices in areas within a 10 minute walk of Crossrail stations have increased by 30% since 2008, and in some areas could increase by "up to a further 43% by 2018" when Crossrail opens.
London residential property prices are already forecast to continue growing strongly in the next five years, however properties in the vicinity of Crossrail stations are likely to see superior growth. This is due to the reduced commuting times but also the improving infrastructure in the surrounding areas.
Some of the new stations will be completed prior to 2016 and Crossrail is developing circa 3 million sq ft of office, retail and residential space across London. New residents, businesses and visitors will be coming into areas previously blighted by a lack of regeneration, creating positive investment credentials.
Recently we have been working with clients to identify investment opportunities in areas of London, directly on to the Crossrail network or linked to it via the London overground or underground network. Areas such as Whitechapel, Farringdon and Canary Wharf are areas where we believe there will be further significant growth in the next five years as rental demand increases and more households look to buy in these areas.
A report for Crossrail prepared by GVA, forecasts that there would be "£5.5bn of added value to the property market" between 2012 and 2021 as a result of Crossrail. The matrix below highlights some of the areas that are likely to be most impacted by value change.
Source: GVA - Crossrail Property Impact Study - October 2012
Australian property buyers should also take due note, for as our capital cities become ever more crowded, the important of transport hubs and links will take on ever more importance - particularly when it comes to locations in the highest demand for property. In Sydney, for example, the $1.6 billion proposed light rail extensions commencing in 2014 are likely to impact property markets in key suburbs in due course.