Built a bunch of houses on the line, they cost so much more and are all sold well before being finished.
What do you expect though? Sell up your overpriced london home so you can move out of London onto somewhere near the station. Quick commute in and a much bigger home. Of course your gonna pay over asking for the opportunity.
Hayes, Southall, and Hanwell are in dire need of development, hopefully they’ll extend the TFL network beyond Heathrow too to cover at least Slough and Maidenhead.
Metroland 2, Elizabeth Boogaloo.
Most of the outer London suburbs were really just railway projects.
I wanted to look at moving to Reading, it prices there are basically the same as London so didn’t bother.
Oh god, why are rents increasing when the location of these properties recently became so much more convenient!
Who could possibly have seen this coming!?
So there are a bunch of property owners who are getting windfalls through the increase of the value of their property as a result of infrastructure improvements they had no part in. That money has to come from somewhere: everyone else pays for these windfalls in the form of higher rents or mortgage payments, as well as the expense to the taxpayer of the investment in building the line in the first place.
The only way to make this kind of thing more equitable would be for these windfalls to be taken away and given back to society instead. But we refuse to allow that 🙁
Exactly the same thing happened in Lewisham when the DLR extension was completed.
Made it impossible to rent there anymore
Big problem with the economy is private land profits being extracted as a result of public investment.
This is how it has always been at least before cars were seen as the solution to everything. Public transport means it’s a desirable place to live.
As someone who bought a house on the GEML, the house prices and rents of homes within a few miles of entire GEML have gone through the roof. It had an explosion with WFH and is now tickling up. Any news on house price growth slowing has not affected these areas.
Last year, my house made more money than I did. I had to work 1,950 hours that year, my house just had to sit there. It’s not sustainable.
This is how railways are financed in Japan. The companies buy up a bunch of cheap land, build a railway there, and … profit!
At least they get a world class railway out of it.
They better not ruin Southall, that’s all I’m saying.
Jesus my house just went 50k up, not even joking! A house 3 doors down went up for sale. All 5 of them built in 2012. 135k in 11 years.
This is madness no wonder people and especially first time buyers can’t afford anything!?! Who is buying in this market with these prices?!?!?!
It’s almost as if there is a desperate shortage of infrastructure, and that’s why we have very high house prices and 98% of land is still just fields etc.
What would be a reasonable rent for a modern 1 bed flat with good connections to central London (about 20m train)?
Gee. It’s almost as if it’s attractive to people to live convenient to public transportation.
This is the problem with building train lines, it just induces demand…
I am not aware of this in the North West of England, there was a new guided bus route put in and nobody is moaning about rents spiralling as a result.
Must just be a quirk of billions of pounds of investment improving an area v’s fuck all investment.
How about that. Investing in transport actually creates wealth. Who’d have thought it.
19 comments
Built a bunch of houses on the line, they cost so much more and are all sold well before being finished.
What do you expect though? Sell up your overpriced london home so you can move out of London onto somewhere near the station. Quick commute in and a much bigger home. Of course your gonna pay over asking for the opportunity.
Hayes, Southall, and Hanwell are in dire need of development, hopefully they’ll extend the TFL network beyond Heathrow too to cover at least Slough and Maidenhead.
Metroland 2, Elizabeth Boogaloo.
Most of the outer London suburbs were really just railway projects.
I wanted to look at moving to Reading, it prices there are basically the same as London so didn’t bother.
Oh god, why are rents increasing when the location of these properties recently became so much more convenient!
Who could possibly have seen this coming!?
So there are a bunch of property owners who are getting windfalls through the increase of the value of their property as a result of infrastructure improvements they had no part in. That money has to come from somewhere: everyone else pays for these windfalls in the form of higher rents or mortgage payments, as well as the expense to the taxpayer of the investment in building the line in the first place.
The only way to make this kind of thing more equitable would be for these windfalls to be taken away and given back to society instead. But we refuse to allow that 🙁
Exactly the same thing happened in Lewisham when the DLR extension was completed.
Made it impossible to rent there anymore
Big problem with the economy is private land profits being extracted as a result of public investment.
This is how it has always been at least before cars were seen as the solution to everything. Public transport means it’s a desirable place to live.
As someone who bought a house on the GEML, the house prices and rents of homes within a few miles of entire GEML have gone through the roof. It had an explosion with WFH and is now tickling up. Any news on house price growth slowing has not affected these areas.
Last year, my house made more money than I did. I had to work 1,950 hours that year, my house just had to sit there. It’s not sustainable.
This is how railways are financed in Japan. The companies buy up a bunch of cheap land, build a railway there, and … profit!
At least they get a world class railway out of it.
They better not ruin Southall, that’s all I’m saying.
Jesus my house just went 50k up, not even joking! A house 3 doors down went up for sale. All 5 of them built in 2012. 135k in 11 years.
This is madness no wonder people and especially first time buyers can’t afford anything!?! Who is buying in this market with these prices?!?!?!
It’s almost as if there is a desperate shortage of infrastructure, and that’s why we have very high house prices and 98% of land is still just fields etc.
What would be a reasonable rent for a modern 1 bed flat with good connections to central London (about 20m train)?
Gee. It’s almost as if it’s attractive to people to live convenient to public transportation.
This is the problem with building train lines, it just induces demand…
I am not aware of this in the North West of England, there was a new guided bus route put in and nobody is moaning about rents spiralling as a result.
Must just be a quirk of billions of pounds of investment improving an area v’s fuck all investment.
How about that. Investing in transport actually creates wealth. Who’d have thought it.