How continued investment in Paddington Station's transport links has affected property prices in the area.
Proximity to good transport links is a key factor in determining the desirability of an area in the eyes of property buyers and investors, as well as tenants. Paddington Station is one of the most important transport hubs in London, and its importance is about to increase even more.
Superb transport links
Not only has the area benefited from regeneration in recent years, but the introduction of the Elizabeth Line (Crossrail), due to be completed by 2018, has seen property prices rise by 52% (Zoopla) since construction work began in 2009. Since 2009, the percentage price change amounts to 60.84% in Paddington. The biggest price rises have been in central London hotspots, so investment in both residential and commercial property within the area will prove a sound investment.
The Elizabeth Line will make it faster to travel to the West End, Docklands and the City, while travel times to Liverpool Street Station and Tottenham Court Road will be halved. There are also plans for a £65million redevelopment of Paddington's Bakerloo Line and station, which will transform Brunel's original station terminus.
In addition, Heathrow Airport is only a 15-minute journey via Heathrow Express, while
Paddington’s Zone 1 location and links to multiple Underground lines further adds to its appeal. Paddington Station is well connected by public transport to the rest of London, so travelling anywhere in the city will be easy if Paddington is your starting point.
Despite the price rises, Paddington remains a more affordable location in which to buy when compared with the nearby areas of Knightsbridge and Kensington. There is also a wide variety of housing stock available, from elegant stucco terraces to glass-fronted, purpose-built apartments, and the Paddington Basin developments.
Paddington is fast becoming a major business district, which makes it a great location for young professionals who are looking to rent or buy in a Zone 1 location. The Crossrail project, when complete, will reduce travel times and improve connectivity around London's central areas and further afield. Accessibility at Paddington will improve, boosted by the new Crossrail station which will be on the west side of Paddington Station, and this in turn will boost the local residential market. Previously Paddington has struggled to keep apace with its neighbours, but that is all set to change.
Continued regeneration, especially around Merchant Square, is helping to draw buyers, buy-to-let investors and young professionals in search of somewhere to rent in a central location like Paddington. With interesting shops and restaurants (and Hyde Park) on your doorstep, the ongoing investments in transport infrastructure is turning Paddington into a very appealing prospect for buyers, renters and landlords alike.
The property price rises will benefit those who already own property along the Elizabeth Line, as well as around the Paddington area.
Are you looking for property to rent in Paddington
? If you are planning to move to be closer to Paddington Station and the Elizabeth Line, or if you are keen to buy, let or sell property in the area, then the team at Plaza Estates can assist you.
As a prime travel destination, Paddington has a lot of property investment potential, so contact us today to find out more.