The large scale Crossrail project has created a huge buzz in the UK, while its construction and use will add an estimated £42 billion to an already prospering UK economy. Not only will create new job opportunities during construction and beyond, but it will also add significant value to residential houses dotted along the route.
Given the size of this project and the impact that it will have on the UK, it is fitting that new railway track is to be christened as the ‘Elizabeth line’ in honour of the Queen. After all, Queen Elizabeth remains a symbol for British tradition and heritage, while her reign has also seen considerable social and technological evolution throughout the UK.
Queen Elizabeth and her links with Public Transport
London’s mayor Boris Johnson confirmed this during the Queen’s recent visit to the under-construction Crossrail station, as she oversaw work and chatted with tradesmen. She was then presented with a commemorative Elizabeth roundel, continuing the unique association that exists between the Royal Family and London’s constantly evolving transport network.
After all, her Majesty became the first reigning monarch to travel on the London Underground, after she opened the iconic Victoria Line back in 1969. A decade later, the Jubilee line was officially opened by HRH Prince of Wales as a way of commemorating the first 25 years of Elizabeth’s reign.
There are also more poignant associations too, after her Majesty unveiled a plaque that honoured the 52 victims that died at Aldgate Station during the July 7th terrorist attacks on the London Underground. These highs and lows have cemented something of a unique relationship between the monarchy and public transport in the UK, and Queen Elizabeth remains synonymous with this.
Why is the Crossrail so Important to the Future of the UK?
For all the property and real estate developments that have taken place in the UK throughout the course of history, the Crossrail project has the potential to be the most significant. Stretching from Reading and Heathrow in the West to Shenfield and Abbey Wood in the East, it will create a more efficient transportation network in the capital and create numerous, long-term job opportunity for residents. The full ranges of benefits created by this project are showcased by the Open Property Group’s Crossrail Infographic, which offers a huge insight into the scope and magnitude of the work.
Altogether, this could mean that up-to 1.5 million citizens have better access to jobs and opportunities in the capital, while property investors will also be able to profit over a five year term. Prices in some regions along the route are expected to rise by a staggering 50%, for example, driving growth for both residential and buy-to-let owners.
If the project delivers on its promise, the UK can certainly look forward to a bright and exciting future. This is particularly true in the near-term, with economic and property market growth predicted for the next five years.
Featured photo credit: Michael Garnett via Flickr CC