Property prices set to rise along new Bakerloo line extension

2 August 2017
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Proposals to extend the Bakerloo line from Elephant & Castle to Lewisham in south-east London, via the Old Kent Road and New Cross Gate, have been backed by two thirds of local residents and businesses, while estate agents predict that it will boost house prices in the area.

Out of 4,899 responses to the Transport for London (TfL) consultation two-thirds were in favour of the scheme, which aims to offer a new direct link to central London for people living and working in south-east London, especially along the Old Kent Road.

The extension – which could be completed by 2029 – aims to cut journey times to central London by up to nine minutes and to support the regeneration of south-east London, including the potential to build 20,000 new homes.

Four new stations

Plans for the Bakerloo extension includes building four new stations: two along Old Kent Road; one at New Cross Gate, with an interchange to London Overground and National Rail services at the existing station; and one at Lewisham, with an interchange to National Rail and DLR services at the existing station. There are also plans to improve Elephant & Castle station with a larger ticket hall and wider platforms.

There are plans to build three shafts along the route, which will provide ventilation, cooling and emergency access. These are proposed between Elephant & Castle and Old Kent Road, between New Cross Gate and Lewisham and at the end of the line in Lewisham. However, there was some concern from residents and businesses close to the proposed shaft between New Cross Gate and Lewisham stations over how the construction work would affect traffic congestion.

Alex Williams, TfL’s director of city planning, says: “The Bakerloo line extension is vital to support the redevelopment of south-east London, helping to deliver over 25,000 new homes and 5,000 new jobs. We will consider the results of this consultation and use them to help us shape our plans for the extension which should be delivered by 2028/29.” 

House price boost

Local estate agent Steve Brown, branch manager at Winkworth in Blackheath, has seen house prices rise because of Crossrail and  expects prices to go up after the Bakerloo line extension is completed. He says: "Recent new transport links for the surrounding areas such as Brockley (overground) and Woolwich (DLR and future Crossrail station) have seen demand and prices rise above the general market inflation. 

“In fact, Brockley has seen a 40% increase in the past four to five years. Also, since the DLR was extended to Lewisham in 1999, the level of demand soared due to the new, easy access to Canary Wharf.

"I see the Bakerloo line, along with the major regeneration taking place in Lewisham, having a similar effect on prices."

Russell Quirk, chief executive of online estate agency eMoov, agrees: “Our research demonstrates that there can be as much as a 33% uplift in the value of a home that is within easy distance of a tube station and its links into the capital.

“South-east London has been the poor relation in travel terms, and the news that the Bakerloo extension may now happen will make for a significant boost to property values along the new line.”

“Property speculators will be licking their lips and sharpening their cheque books as we speak, no doubt,” he adds.

TFL planned extension of Bakerloo line
Planned extension of the Bakerloo line

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