Check out the new train routes before buying
- 9th December 2010
- Buying Property News
Young professionals might be surprised to find how overground trains have created better commuter options.
When was the last time you looked at a tube map? Since the introduction of new overground trains surburban areas of London have been brought closer. Travelling from Lewisham and Sydenham to central London locations have been drastically reduced to a quick hop of 8-15 minutes.
The lack of publicity around these new London Overground routes, means that would-be buyers may not be aware of all their options on commutable locations. London suburbs on enhanced overground routes can now offer property 'On budget' and 'On commute'.
For young professionals working in London, commute time is paramount to decisions about where to live. In the past, first time buyers/young professionals had to look outside of town and face a long expensive commute into central London. Now, with the overground trains making more areas accessible, places like Sydenham, Honor Oak and Sydenham are likely to become more popular. As train fares and overcrowding look set to rise, cutting down on out of town commutes will be the way to go.
Suzanne Gray, Sales Director at ludlowthompson comments: "No doubt savvy buy-to-let landlords will be looking to buy property to rent out in areas with enhanced routes for commuters. For all purchasers, the trick is to buy property in these locations before prices rise with demand."
The Public Accounts Committee has warned that trains will become severely overcrowded as numbers of commuters are expected to rise. Trains will be 15% short of seats, offering only 99,000 of the 117,000 needed. This will serve as a particularly bitter blow after the announcement of a 10% rise in rail season tickets last month.
Richard Bacon, a Conservative member of the Public Accounts Committee said: "People paying premium fares for rail services that are still overcrowded have every right to be furious, especially as trains look set to get more crowded, not less.
"Passengers are being let down across the board and the DfT needs to conduct a thorough review of the UK rail industry before more public money is poured in."
It is thought that the travel situation could severely worsen whilst the review is being carried out.
Conversely commute times within the city are set to shrink with improvements and expansions to the DLR going ahead, as well as the £5.5bn Thameslink project. The Barclays Bike scheme is also seeing continued popularity.
Below are commuter properties in London's suburbs
Available For Sale with ludlowthompson, estate agents
2 bed properties for sale in London with ludlowthompson - £190,000 - £330,000
Crescent Wood Road - Sydenham, SE26
Sydenham Hill Station 0.5 miles
Time to Canary Wharf: 43 mins Bank: 33 mins London Bridge: 31 mins Victoria: 14 mins
Ellerton Court, Avenue Crescent - South Acton W3
Chain Free £275,000
Acton Town Tube 0.2 miles
Time to Canary Wharf: 43 mins Bank: 38 mins London Bridge: 35 mins Victoria: 22 mins
East Dulwich Road - East Dulwich, SE22
Chain Free £264,995
East Dulwich Station 0.3 miles
Time to Canary Wharf: 27 mins Bank: 23 mins London Bridge: 12 mins Victoria: 22 mins
Queens Drive - Finsbury Park, N4
Finsbury Park Tube 0.3 miles
Time to Canary Wharf: 29 mins Bank: 15 mins London Bridge: 17 mins Victoria: 15 mins
Marischal Road - Lewisham, SE13
Chain Free £190,000
Lewisham DLR Station 0.4 miles
Time to Canary Wharf: 16 mins Bank: 20 mins London Bridge: 8 mins Victoria: 20 mins
Jean House - Tooting Triangle SW17
Chain Free £214,950
Tooting Broadway Tube 0.2 miles
Time to Canary Wharf: 37 mins Bank: 25 mins London Bridge: 22 mins Victoria: 20 mins
The trick is to buy a property in these locations before house prices rise with demand...
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