By the 2030s, the capital will be a mega-city of more than 10 million people. Plannng for the second phase of Crossrail – which is set to boost house prices further – has been given the go-ahead, with completion due in 2033.
Although still two or three years from completion, Crossrail – now called the Elizabeth Line – is already estimated to have added £5.5billion to property values along its route.
Now, Chancellor George Osborne has confirmed that his March Budget will give the green light to Crossrail 2, a crucial transport route necessary to keep London moving.
Why Crossrail 2?
A brand new railway bisecting London from north to south, Crossrail 2 will link the suburban railway network from Tottenham Hale to Wimbledon via a new tunnel through the centre of the capital.
The final route hasn’t yet been confirmed, although current plans stretch from Broxbourne in Hertfordshire and continue through the heart of the capital to Surrey.
The £27billion plan has been given the go-ahead amid warnings from national infrastructure commission chairman Lord Adonis that London will “grind to a halt” by the 2030s unless major improvements are made to the transport network.
Where will Crossrail 2 go?
Within London, the planned route extends from Wimbledon, through Clapham Junction, Victoria, Tottenham Court Road, Euston St Pancras and Dalston, and continues to Tottenham Hale.
An offshoot from Dalston will link up with New Southgate via Alexandra Palace, near Muswell Hill and Turnpike Lane.
South of the river, but still within London, Crossrail 2 will connect with New Malden and other major commuter suburbs such as Surbiton and Kingston.
At its most southerly tip, Crossrail 2 will reach Epsom in Surrey and there will also be branches terminating at Shepperton, Hampton Court and Chessington South.
At its most northernly point, the route will reach Broxbourne in Hertfordshire, taking in Cheshunt, Waltham Cross and Ponders End.
What are the property experts saying?
“When Crossrail 2 eventually gets going, its impact will be huge,” says Johnny Morris, head of research at Countrywide.
“It goes through areas that aren’t currently well connected and in Zone 3, particularly, established but hard-to-get-to places like Tooting Broadway and Wimbledon will see a good jump in house prices. But the reality is that all of the areas with Crossrail 2 stations will benefit.”
Susan Emmett, director of Savills Residential Research, says: “One of the mistakes made in the planning for Crossrail 1 was that they left it a bit late to look at housing. Crossrail 2 has learned from this and there is immense potential.
“The 200,000 new homes they’re predicting will be built is definitely realistic, but this will come with high-density housing [typically blocks of flats and tower blocks] which will probably be OK in areas like Tottenham Hale, but might meet resistance in Surrey because of the green belt.”
Fionnuala Earley, residential research director at Hamptons International, says: “In the long-term, both Crossrail 1 and 2 will be a significant driver of regeneration and new development, acting as an accelerant to kick start long planned schemes.
“Locations close to both existing and new Crossrail stations have become the focal point of major regeneration projects across the route outside of central London.
How is it different from Crossrail 1?
Crossrail 1 slices through London from west to east, so imagine it in combination with Crossrail 2 as a giant cross drawn across the city, dividing it into four.
The first stage of the Elizabeth Line links 40 stations from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east.
It will start running through central London in December 2018.
When will Crossrail 2 be completed?
If Lord Adonis has his way, completion will be due in 2033.
“There is no good reason to delay. Crossrail 2 will help to keep London moving, create hundreds of thousands of homes and fire regeneration across the city from north-east to south-west.
Lord Adonis told the Standard: “By the 2030s, London will be a mega-city of more than 10 million people. Even allowing for planned investment and the imminent arrival of Crossrail 1, it will grind to a halt unless significant further improvements are made. That’s why London needs Crossrail 2 as quickly as possible.”
Please view the link below to read the full article as posted by “Evening Standard’s Homes and Property” about “Crossrail 2 map and route: everything you need to know about the north-to-south underground line.”