TfL publishes all its plans for upgrading and expanding London’s transport system. As Crossrail has shown, these works can add significantly to the value of properties in previously disconnected parts of the city. We take a look at the areas that could benefit in the next 10 years.
Old Kent Road
Local residents and businesses have voted in favour of the planned Bakerloo line extension to Lewisham. This would run through two brand new stations on Old Kent Road, a new interchange at New Cross Gate and on into Lewisham’s DLR and rail station. Should this go ahead, property around Old Kent Road and South Bermondsey would be a strong bet for investors and landlords looking to capitalise on the new connections, as well as the area’s low prices and proximity to fashionable Peckham and Goldsmiths University.
This area of South East London sits on the southerly bank of the Thames, just east of Woolwich, and is set to benefit from a £1 billion redevelopment plan over the next 30 years. This will include transport upgrade work, which may include a DLR extension into the area, providing a much-needed boost to Thamesmead’s fortunes. Existing housing stock will benefit from the improved amenities and new developments, and could be a good option for investors pursuing long-term returns.
Rotherhithe residents will be able to walk or cycle straight across the river to Canary Wharf if the Mayor’s plans for a new crossing get the green light. A navigable bridge that opens to allow river traffic to pass through is the current favourite option, but a tunnel and improved ferry service have also been shortlisted. Rotherhithe’s secluded riverside and dockside developments are sure to become even more appealing to Canary Wharf workers with the proposed new connection in place.
As well as the Rotherhithe river crossing proposal, a new tunnel is planned to link Silvertown and the Greenwich Peninsula. The Silvertown Tunnel project was granted a Development Consent Order in May 2018 and would ease congestion around the Blackwall Tunnel, improving traffic flow and access to London City Airport and East London.
This area around the O2 Arena has already seen substantial development over the last 10 years, with new amenities added to complement the thousands of new homes created. Silvertown is also enjoying its own renaissance, with GQ magazine recently describing it as ‘the new Brooklyn’ following a visit to the £3.5bn redevelopment of the Royal London Docks site.
The Barking Riverside development area is set to benefit from a new Overground station, due for completion in 2021. Barking is already a prime spot for investors, thanks to high rental yields and low property prices. The GLA is promising 10,800 new homes in the area, along with enhanced education, healthcare, commercial and leisure facilities, making this one to watch for healthy growth in the next four to five years.
Update: Crossrail 2
The Gerrard review is currently underway to assess whether the aims of Crossrail 2 might be achieved without such a large-scale construction project. The 12-month delay in the opening of Crossrail and London mayoral elections in 2020 are factors working against any concrete decisions being made in the near future. However, Crossrail 2 managing director Michele Dix has remained positive about the scheme, recently stating that affordability reviews were only a necessary part of progressing the project.
Should Crossrail 2 go ahead, huge swathes of London and the Home Counties could enjoy a significant boost. The proposed route connects Hertfordshire in the north with Euston, then south through Tottenham Court Road and Clapham Junction, out to Raynes Park and as far south and west as Epsom and Shepperton in Surrey.