How many of us can relate to long hours waiting in queues, perhaps facing the odds of the London's chilly winter, as we head back home after a long working shift? Facts tell us that’s the reality for nearly 29% of London’s workforce who live in close-by towns and roughly 32% whose travel distances require them to travel up to 3 hours on a daily basis to get back home.
There are several options on the table that could make life easier for these people, including straightforward ideas such as reducing taxes, incentivizing companies to relocate to different points of the country, building affordable housing on the outskirts of London and, better yet, investing money in the railway system. Authorities seem to agree with the latter option, taking the leap to build one of the most promising infrastructure developments of the metropolitan area of the past 20 years: The Elizabeth Line Rail Service.
The project, completion of which is currently delayed for further testing of the railway lines, as confirmed by Transport for London, is estimated to rank as high as £14.8 billion in money invested to materialise it.
Improving Urban Mobility
What’s so remarkable about this newly developed line that everybody keeps talking about? Despite the technology invested in this project to ensure not just quality service but also efficiency, the Elizabeth Line was crafted with the idea of becoming a Crossrail service that stretches from Reading and Heathrow Terminal 4 to Shenfield and Abbey Wood; linking different points of impact of the metropolitan area without needing further connections from other railing services.
The Elizabeth Line as a New Hotspot for Workers
Besides the improvements the project itself represents for reducing travel distances for commuters, there is a crucial aspect to consider: how many new stations are going to be built to meet the demand of the new Elizabeth Line.
So far, ten new railing stations are being built along different points of the travel route of the Crossrail, whereas 30 more are being upgraded to meet the demands of this project. This instantly translates in new jobs as not only the terminal service needs employees, but also businesses to cater for these premises, ranging from cafeterias to small stores – an ideal work pool for young people who are currently unemployed.
The Impact on Rental Fees
Undoubtedly, the new Crossrail project has caused a revolution in the local economy, affecting many variables that some people could easily forget. Starting with revisiting current fees for other railing lines, it is important to acknowledge how this new setup is prone to change the conditions for Real Estate industry.
Top of the many reasons people give for choosing to commute to London instead of relocating is the high cost of renting in the capital and even its outskirts. This doesn’t just apply to people who desire to move to London and leave behind their birthplaces but also for those who seek to start a new business and can’t pay the cost of renting an office in the metropolitan area.
Is It Worth to Invest That Sum in Infrastructure?
The short answer would be yes. It is expected that there will be 200 million travellers a year using the services of the new Crossrail line after the project reach its completion by December 2019. It is therefore vital to provide a service that meets the needs of both workers and tourists alike while linking different points of the South East area, and it will boost London’s transport capacity by 10%.