Although the Elizabeth Line has cost close to £700 million, approximately £570 million over budget, property developers in London are heralding its opening as a success, and an opportunity to build new homes and commercial spaces.
Speaking to Property Week, the chief executive of Grosvenor Property UK, James Raynor, said: “The opening of the Elizabeth Line’s Bond Street station will be a significant boost for businesses across the West End in the run up to the festive period. It is also a testament to the wider economic opportunities created through public investment in infrastructure.”
In addition to creating roughly 65,000 square feet of new office space, Raynor states that the Elizabeth Line has played a significant part in the developer’s decision to transform two acres of Mayfair, in the immediate vicinity of the new Bond Street Elizabeth Line station, sooner than they planned.
In what will be a £500 million scheme, the South Molton Triangle project promises to be a “new destination for Londoners and people from all over the world” which will create around 700 jobs, as well as new retail spaces and new homes.
The Elizabeth Line, which markedly improves connectivity between the East and West of the city, is likely to create “new home hotspots” in a number of locations across London, including Newham, West Ealing and Woolwich, to name but a few.
In the last decade, buyers have rushed to invest in property along the proposed line. In some areas, property prices have even doubled, and share ownership properties have become a fixture and a great entry point for first-time buyers. For example, some developments, such as Earlham Square, start at £90,000 for a 25% share in a one-bedroom flat.
A swathe of mutli-family developments have enjoyed a high level of demand, giving people who would otherwise be renting an opportunity to get their foot on the housing ladder in a notoriously pricey part of the country.
But this increase in demand across the Capital’s new purple line could lead to some issues, say experts. As is all too common across new builds, the speed at which new multi-family, build-to-rent and shared ownership developments are springing up presents a number of concerns if left unchecked.
As the UK housing market continues to defy a crash, many property professionals are experiencing significant workloads. From estate agents to property surveyors, the rising demand across the property industry has wider implications for the entire property ecosystem. The same is true for mortgage lenders and banks. All of this has a direct impact on buyers and sellers, whether that’s in commercial or residential real estate.
So, what can be done to manage this increase? As is always the case, Property Inspect recommends working smarter. Efficiency is tantamount to managing the expectations of the consumer, while at the same time affording operational improvements for those on the ground conducting everything from home surveys to pest inspections.
Technology that speeds up workflows and takes paper-based processes out of the frame will inevitably lead to a more productive workforce, with individual property practitioners able to handle an increase in the number of cases or tasks without feeling weighed down by the demand.
The Property Inspect app ensures for a thorough, streamlined and efficient way of working that benefits both the property professional and the client. In today’s dizzying market, we see that as a win for everyone involved.
If you’d like to learn more about Property Inspect, book a demo today!