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PrimeResi Quarterly Journal

The handbook of the luxury property industry

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PRQ7

Crossrail’s New Name: The Lizzie Line

Sensibly, Crossrail isn’t going to be called Crossrail when it opens in December 2018; it’ll be known as the Elizabeth Line, after HM Queen Elizabeth, and it gets a...

Sensibly, Crossrail isn’t going to be called Crossrail when it opens in December 2018; it’ll be known as the Elizabeth Line, after HM Queen Elizabeth, and it gets a very regal purple hue to go with the name.

elizabeth_line_roundel

Her Majesty the Queen visited the under-construction Crossrail station at Bond Street as Mayor Boris announced that the new railway will be known as the Elizabeth line in her honour.

Queen Elizabeth was the first reigning monarch to travel on the London Underground, when she opened the Victoria line service in 1969.

Average property prices within a ten minute stroll of Bond Street shot up by 82% between July 2008, when Crossrail received Royal Assent, and Q4 2014 last year, when Knight Frank analysed the numbers, outperforming neighbouring areas by over 38%. That was the biggest increase along the route by quite the margin, though: prices around the average Crossrail station increased by 43% between Royal Assent in July 2008 and Knight Frank’s Q4 2014 figures; a 5% uplift on non-Crossrail locations.

In central London, residential property values within a 10-minute walk of Crossrail stations have risen by an average of 57%; Western stations have pushed up walkable home values by 28%  – outperforming local markets by 6% over that time – while stations to the East have seen local homes outperform neighbours by a cooler 3%, growing by 21% over the last six years.

Acton’s done the best of the station locale’s outside of central London, outperforming the surrounding area by 33% with a +77% over the last six years.

How-journey-times-will-be-cut-when-Crossrail-opens-660x522

PS. Kudos to Knight Frank for (accidentally?) predicting the line’s purple shade in its Crossrail report charts last year

The Mayor of London, Boris Johnson MP: “Crossrail is already proving a huge success for the UK economy, and as we move closer to bringing this transformative new railway into service, I think it’s truly wonderful that such a significant line for our capital, will carry such a significant name from our country. As well as radically improving travel right across our city, the Elizabeth line will provide a lasting tribute to our longest serving monarch.”

The Rt Hon Patrick McLoughlin MP: “Given Her Majesty the Queen’s long association with UK transport, it is very fitting that this vital link across our capital will be named the Elizabeth Line in her honour. This is an example of British engineering at its best and will transform the way people travel across London and beyond from 2018, bringing better and faster journeys, while boosting jobs and driving economic growth.”

Mike Brown MVO, London’s Transport Commissioner: “This new railway is absolutely vital to meeting the needs of the Capital’s rapidly growing population. The Elizabeth line will transform the way people get across our city and will enable London to continue to succeed, contributing to the economic health of the entire country. In running this important new railway we will ensure that it serves as a fitting tribute to Her Majesty the Queen.”

Terry Morgan, Chairman, Crossrail Limited: “Construction for the new railway is now over 70 per cent complete and is being delivered on time and within budget. The Crossrail project is one of the most ambitious and complex infrastructure programmes ever undertaken in the UK, the scale of engineering being delivered under the capital is quite incredible. The opening of the Elizabeth line in 2018 will be a significant moment for London.”

 

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