Crossrail, a joint venture between the Department for Transport and Transport for London, is the new railway scheduled to be completed in 2018 linking Maidenhead and Heathrow in the west, to Shenfield and Abbey Wood in the east. New stations are being built at Paddington, Bond Street, Tottenham Court Road, Farringdon, Liverpool Street, Whitechapel, Isle of Dogs and Woolwich. The new railway is estimated to increase London’s rail capacity by 10 percent and transport 200 million passengers a year.
The benefits of Crossrail are endless – London and the South East will have a world-class, high capacity and affordable railway that will ease congestion with the public transport system. The railway will provide faster and better access to London, generate thousands of job opportunities and will be a key part of London’s plan for future growth with economic benefits estimated to give a £42 billion boost to the country. Construction of the new Crossrail station at Paddington has already begun, promising step-free access between platform and concourse with an easily accessible entrance for all passengers. The new station will have improved taxi facilities and new interchange facilities with rail, tube and bus services.
The opening of Crossrail in Paddington will have a dramatic effect on residential property prices and will entice a new buyers’ market to the area. When complete, Crossrail will reduce journey times from Paddington to the West End, London and the Docklands. Those working in the city will find it convenient to live Paddington. The most important impact of Crossrail in Paddington will be the improvement in the image of the area, transforming and regenerating the area around, bringing value to property. New stations can be used as business hubs, with offices, shops and homes built above and alongside, making the area a much better address and even more desirable in terms of property.
Expert estate agents have predicted that property prices will increase by 30% in prime areas by the end of 2015, forcing buyers to move to these new hotspot areas, around Crossrail stations. The railway will have a dramatic impact on development in London and surrounding areas over the next decade and promises to boost the property market. Paddington has been identified as a hotspot area benefitting from Crossrail, with property prices predicted to rise by 51%!