When investing in London property, it pays to get on the right track. By analysing average house and flat price movement in London over the past year, we discovery where to buy property on London’s Elizabeth Line.
But first, let’s examine the other two new stations recently added to London’s underground.
The Northern Line Extension
Last week saw two new underground stations open on the Northern line. Battersea Power Station and Nine Elms. 6 years and £1.26 bn later, these stations provide valuable infrastructure to the developments built during this time. To realise this, developers contributed £270m towards the build, with the rest to be paid back to the Greater London Authority via local business rates.
Today the locals include Apple, with its 50,000 sq ft, UK campus and Gordan Ramsey’s ‘Street Pizza.’ Both of which boost rents by adding their names to the area.
In Nine Elms, they had similar success with The American Embassy relocating its headquarters to the area. However the sky pool at Embassy Gardens divides opinion and the recent £430 mil loan to R&F Properties from Chinese state-owned bank Citic group and Lloyds Bank, has raised eyebrows. Desperate to finish the regeneration of the area, they seem to be turning a blind eye to the companies debt levels in China and market demand.
These two new stops come with a Zone One price tag. For those with smaller investment budgets, or first time buyers in need of access to the City, where is good to buy?
When investing in property, it always pays to keep an eye on what’s coming down the line.
The Queen Elizabeth line
The Queen Elizabeth line has experienced a delayed service. £4b over budget and 3 years late. When the line was first announced, many eagerly invested in property around the sites of the new stations. With the line expected to open at the beginning of 2022, those who haven’t, are now circling, pushing up prices. Much to the relief of those already ensconced in the area..
Many of the station stops on the Elizabeth line, outside of zone 1, are still affordable to first time buyers and families in need of more space. However booking a viewing, especially during the stamp holiday, may have felt on a par with purchasing a Glastonbury ticket.
Where to invest on the Queen Elizabeth line
Battersea Power Station and Nine Elms demonstrate how infrastructure development is profitable on a grand scale. For the Queen Elizabeth line some of it’s stops have yet to realise change in their immediate area. Given time, change is inevitable as local businesses evolve to suit demand. Where buyers invest or live will depend on their timeline expectations for this change and need for space.
For those interested in what property prices have done over the past year by the Elizabeth line stations. The two graphs below, based on Rightmove’s statistics, ought to give some insight into what stops to get off at and which to pass through.
Please click here for: The Elizabeth Line Average House Prices
