Crossrail: new rail links to boost London property prices

[kukuuk101]

The London Crossrail line has finally been given the go-ahead, the Docklands Light Railway (DLR) is in the process of being extended, and the East London Line will link Highbury & Islington station in North London, with West Croydon, south of the river. These rail developments will transform thousands of journeys, pushing up prices in existing commuter locations and creating new property hotspots along the way.

But housebuyers will not see price rises overnight. Crossrail , the most ambitious and far-reaching of these projects, is not scheduled to be finished until 2017. The new line will link Maidenhead, in the West, with Shenfield and Abbey Wood, in the East. There will be a new tunnel under the West End and the City of London, and journey times from Central London to Heathrow will be halved. City commuters from Maidenhead, Berkshire, who currently swap train for Tube at Paddington, will be able to ride direct to Liverpool Street in 52 minutes, shaving 20 minutes off their journey. The links towards Stratford and Abbey Wood, in East London, will be great for regeneration, but will be too late for the 2012 Olympics.

Hartley Beames, an associate for Knight Frank residential development, says that Crossrail will produce new hotspots where London property prices are likely to increase above the market in general. However, prices in Crossrail areas have changed little since the project was given the government go-ahead in October. The slowing of the property market is partly to blame, but it is also likely that investors are cautious about a project that has so often stalled.

[waynelong]

The slowing of the property market is partly to blame,

Is real estate slow there as well? Is it because of what is happening in the US? I forget sometimes that most things operate on a global basis now.

[siminadham]

Originally Posted by waynelong

Is real estate slow there as well? Is it because of what is happening in the US? I forget sometimes that most things operate on a global basis now.

Real Estate is also very slow in Maryland and Virginia. I have been working on a couple of short sales and bank owned sales. It is hard to get listings. People have a clear realization of the market prices and to they know that to sell in this market they will never get what they paid for especailly if they made a purchase within the last 4 years. It is unfortunate but it is what it is. It is a buyers market so buyers that are sitting on the side line should buy now. Thanks and have a great day. Oh by the way, I am never busy for any of your referrals.
Simin Adham, Realtor, GRI
Long and Foster REALTORS Inc.,
508 E Market Street
Leesburg VA 20176
Direct: 703-669-9847
Office: 703-777-2900 X 8847
Cell: 301-514-6270

[glenng]

Interesting item - Australia saw their real estate slow while the US real estate was taking off. Sometimes in a global economy not all things happen directly related to an event in one country.

[kukuuk101]

it is correct. UK property matket slowing down because of US credit crunch. It is very hard to get mortgage. 100% mortgage not available in market anymore.