New Railway Stations and Rail Lines
New Railway Stations and Rail Lines
New rail stations and new rail lines always have a big impact on house prices and rent levels, so it’s worth keeping up to date on what’s coming down the line, says David Lawrenson of www.LettingFocus.com.
A while ago, I wrote about how Chris Grayling the Transport Minister said he was looking at which of the railway lines, stations and routes, shut in the 1960s under the Beeching cuts, could be re-opened. The Campaign for Better Transport has made a list of twelve “important and viable” railway lines that could be restarted across Britain. These are all worth checking out. Some involve new rail stations.
Varsity Rail Route
One project that’s already announced is the “Varsity Rail Line” between Oxford and Cambridge. As well as Oxford and Cambridge, Bicester, Bedford and Milton Keynes will benefit too, though the planned new housing will soak up some of the prices rises here. There is a package of £44bn to increase the delivery of new homes, including £30m a year for five years towards infrastructure and affordable housing in Oxfordshire, for the Cambridge-Oxford-Milton Keynes corridor, along the new line. Some of the cash will be for Didcot and Bicester, where 30,000 more homes are planned. Oxfordshire has committed to the building of 100,000 new homes in exchange for this money.
New Rail Stations
Five proposed railway stations in England and Wales are set to open by May 2020 following the announcement of the successful bids to round 2 of the New Stations Fund. £16m of government funding will unlock projects expected to cost over £50m.
The successful bids announced recently are as follows:
Horden Peterlee in County Durham which will receive £4.4 million of DfT funding towards a scheme worth £10.55 million.
Warrington West in Cheshire, which will receive £4.23 million towards a total project cost of £17.2 million.
Reading Green Park which will receive £2.3 million towards a total project cost of £16.5 million.
Bow Street in Ceredigion, Wales which will receive £3.945 million towards a total project cost of £6.76 million.
Portway Parkway near Bristol which will receive £1.672 million towards a total project cost of £2.23 million.
New Rail Stations and Rail Lines
What other public transport developments should investors look out for?
Well, in the capital, Southwark and Lewisham Councils have come together to launch a campaign to get Londoners behind the extension of the Bakerloo line towards Lewisham. We like this proposal a lot because it is in my manor, in SE London, which has done very well for new transport over the years.
Nearby and still in SE London, a new overground rail station at New Bermondsey (formerly Surrey Canal Road) is still under discussion. Funding for the station should be provided by the developer of New Bermondsey prior to work starting as part of the planning requirements and it should be delivered by Transport for London within two years of this happening.
In East London, at Barking Riverside, Transport for London is consulting on the opportunity to extend the London Overground from Barking to this large development. There was also a proposal to extend the DLR to Dagenham Dock Railway Station through the development site but this was postponed due to funding constraints and the London Overground extension has replaced it. There are also some proposals to extend the line from Barking Riverside under the Thames to Thamesmead.
Meanwhile, down in East Kent, the local MP, when she is not getting worried about cultural misappropriation in Japanese themed tea shops, has held talks on Canterbury Parkway proposals. This new station would be located where the two railway lines serving Canterbury meet.
At Beaulieu Park, in Essex, Chelmsford City Council have agreed a Planning agreement with Countryside, who are delivering a 3,600 home development north east of Chelmsford to build a railway station at Beaulieu Park.
New Rail Lines Going Ahead
Back to live projects, the Northern Line extension is progressing well. Two new junctions which will connect the Northern line with an extension of the route out to Battersea Power Station have been completed. When the extension opens in 2020, trains from Battersea will join the Charing Cross branch of the Northern line via new junctions on the Kennington Loop.
Subject to delay by a year is Crossrail. This is a biggie – and will have huge impacts on making transport faster across the capital and into Essex, Kent, Bucks and Berkshire.
I’ll be looking at the impact that new rail lines, new stations, levels of future housing supply, regeneration and changes in population can have on an area – and why a good knowledge of these factors can really help – at my seminar at the Property Investor Show in London on October 6th.
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