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Crossrail, commonly referred to as the Elizabeth Line, was partially opened on May 24, 2022, after years of study, planning, and construction. The Crossrail will finally be fully opened on November 6, 2022.
Crossrail will operate across the Great Western Mainline and the Great Eastern Mainline. Upon opening, Crossrail will carry an estimated 200 million passengers annually and integrate services from the east and the west. The new central tunnels will bring three rail lines together. Crossrail is expected to increase London’s train capacity by 10%.
Crossrail will pass through some of London's busiest and best-known areas. Demand for properties in areas with the promise of a Crossrail station has forced prices upwards in sales and rental properties. House prices in areas close to Crossrail stations outperform those in other regions by 14%, even with delays to the proposed opening of Crossrail. Previously neglected areas like Southall, Hayes & Harlington, Romford, Whitechapel, and Abbey Wood are receiving more attention now.
What will happen when Crossrail is fully open?
The high-speed line promises quicker commute times. Even though some journey times will not be quicker, previously underserved areas will now get more frequent transport links to the capital. After the line's official opening, there could be a fresh boost in demand for property close to Crossrail. Better transport lines will turn areas on the line into property hotspots.
Crossrail forecasts predict that the line's success could grow the UK economy by up to £150 billion. As the economic status of the UK improves, Crossrail will unlock property development, sparking regeneration and investment.
What does this mean for Hong Kong investors?
Since Crossrail was announced, property prices close to Crossrail stations have seen a significant rise, regardless of the well-publicized delays to its actual delivery. This influence is not expected to subside soon. Property prices are expected to continue rising even after the project is fully completed and open to the public. Some areas near new Crossrail stations still have average property value.
For savvy buyers keen on investing in property with future appreciation, property near Crossrail is the ideal investment. As the population of London grows and new properties emerge, investors will surely rake in profits. The demand for housing amid the housing crisis will guarantee occupancy of houses in prime locations near Crossrail stations. Due to the increased rent prices and the growing climate of housing insecurity, property owners will profit from their properties.
UK’s rental market has been facing dire challenges. Hong Kong Investors can take advantage of the new Crossrail and the emerging properties to carve out a profitable investment for the future. With house prices predicted to continue rising, it is better to invest now and benefit from the Crossrail effect.
