Last week there was some very exciting news for the residents of Reading. We are officially on the Tube map! Yes, the London tube map. That might sound a bit confusing at first, because of course Reading isn’t actually in London, nor does it have a tube station. But as a direct route with an overground service, Reading is a hub for commuters from this area of the world to make the journey every day. It’s something many visitors and tourists to Berkshire have been asking for years, and now there is an answer! So, what does this mean?
Why Is Reading On The Tube Map?
In a word – Crossrail. This is the first tube map to show Crossrail (officially known as TfL Rail), and with it come all the new routes included on it. The previous map showed the Heathrow branch and (eventually) the Elizabeth line, but this is the first one that includes Reading, along with the 7 stations in-between Reading and West-Drayton.
Does this mean we can expect Crossrail to open right away? Highly unlikely. The latest dates show that we won’t be riding the Elizabeth line (or any of the others) until at least 2021. However, certain sections of the route are up and running, and being managed as TfL Rail, complete with Crossrail trains already in use, particularly on the Paddington-Reading route.
Howard Smith, operations director for TfL Rail, said: “Running TfL Rail services to Reading is an important step towards opening the Elizabeth line and reinforces the key transport links between these two areas for local people and businesses.”
How Will It Work?
In terms of actually travelling, a lot of the practical bits will stay the same for Reading residents. But London residents might be disappointed to know that they can’t use their Oyster card all the way to Reading station, mainly due to technical limitations on a system that’s over 15 years old. But they have promised that by January 2020 (not long now) you will be able to use contactless to pay for your journey. This is mainly because TfL will take over the fares and start revamping the systems. There will also be a new capping system for contactless pay-as-you-go travellers on a daily and weekly basis, which means travelling to Reading will be included in your use of public transport in and around London.
What Does This Mean For House Prices?
Of course, this is what you’re really here for. With houses within 500 metres of a tube station experiencing a 10% increase every year (and 57% in the last decade), its understandable that you might be worried about Reading house prices skyrocketing. And while there is the possibility of an increase in both purchasing and rental prices, the reality is we can’t be certain of it just yet. The likelihood is that property prices in central Reading – those closest to the station itself – will see a jump in prices, even if it’s just a small one, as a result of our little dot appearing on the tube map. But for the rest of Reading, the future isn’t quite as simple. There are a lot of things that impact house prices, and with Brexit uncertainty alongside a new tube station, no one can say for certain what will happen.
But if we look at property prices near London tube stations, we can get an idea, and it shows that property with a transport link will always be a good investment, and a more desirable type of property.
Jennet Siebrits, head of UK residential research at CBRE, said the data “shows that investment pays off, and over time price growth of properties near Tube stations outperforms other homes in the wider area. For buyers, it’s good to know that paying a premium for transport convenience now is an investment that will appreciate greater value in the long term.”
At Northwood, we are always on the lookout for things that could impact the local housing market so that we can share the information with you. We’ll be keeping an eye on developments as they happen, so if you have any questions about the housing market (or when the best time to buy is), just get in touch with the team today.
