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In March this year, Transport for London (TfL) and the Department for Transport (DfT) announced that an Independent Affordability Review would be carried out to determine how the Crossrail 2 scheme could be made more affordable. Meanwhile, the government has reaffirmed its commitment to the Crossrail 2 project, which is still in the proposal stage. Mayor of London Sadiq Khan also expressed his support:
"There’s no doubt that this project is essential for the future prosperity of London, the south east and our country so it’s vital we continue to progress with it. Only through Crossrail 2 can we ensure our future transport network is fit for purpose and provide a huge boost to the UK’s economy with hundreds of thousands of much-needed jobs and homes."
Crossrail 2, a proposed rail route which will link parts of the south-east with London, is intended to ease congestion and overcrowding on commuter routes in and out of central London and stimulate economic growth. At the last public consultation in 2015, Wimbledon was marked as one of the stations which would be served by Crossrail 2. If the project is realised, what might this mean for future property investment in Wimbledon? If Crossrail (or the Elizabeth Line) is anything to go by, quite a lot.
Property prices in areas near to all the stations on the Crossrail route are said to have increased on average by 40% in the years since the project was first announced. Tenant demand has also increased in these areas and buy-to-let investors have been able to capitalise on this. The same increase in tenant demand and property prices have also been noted in areas and boroughs which will be served by Crossrail 2.
It's no secret that nothing helps give property prices and rents a boost more than planned improvements to transport infrastructure. This type of infrastructure improvement (which includes improved station and transport facilities) usually sees regeneration in those areas generally, and this helps to attract buyers, tenants, property investors, and encourages the construction of new homes.
In recent years, Wimbledon has seen a great deal of investment in property and new development. Investors looking to invest in areas like Wimbledon may well benefit from capital growth and should be rewarded if they consider their property investments as long-term investments.
Wimbledon is already considered a dream destination by many who want to live in the capital but also want to be near open countryside, good schools, shops and amenities, and have access to fast transport links.
Once Crossrail 2 is completed, as we assume it will be at some point in the future, up to 30 trains an hour could run from Wimbledon Station into central London and beyond, further boosting Wimbledon's transport connectivity. This will appeal to working professionals who look for ease of travel into central London and other destinations, and this appeal boost will likely lead to property price rises and rent rises due to increased demand.
If you're looking to invest in property in Wimbledon, contact our agents today or find out more about our services for investors.