As London awaits the new high capacity railway Crossrail in 2018, the capital is already beginning to feel the effects of its impending arrival. Regeneration plans have been put in place in the district of Abbey Wood in preparation for the arrival of the high frequency railway, which will bring 12 fast trains into London every hour. The arrival of Crossrail is already impacting the market as buyers rush to snap up available properties in close proximity to the station.
When Crossrail opens, commuters will be able to reach Central London in just 25 minutes and Heathrow Airport in less than an hour. As it is sure to revolutionise city travel and transform the commute for thousands of residents every day, it is no surprise that certain districts have been sent into a spin with regeneration plans. London Mayor Boris Johnson has pledged an £80m million financial package for two new housing zones. The governing councils of Greenwich and Bexley are collaborating with housing association Peabody to launch the construction of 3,000 new homes over the course of the next decade.
The district of Abbey Wood takes its name from Lesnes Abbey Woods that once belonged to the monks that resided in the area. It lies 13 miles south-east of Central London and features rows of Victorian terraced houses, semi detached properties constructed in the 1930s along with contemporary two and three bedroomed properties. It also boasts the location used for Stanley Kubrick’s 1971 adaption of A Clockwork Orange. Development plans for the area include a new retail village along Manor Way and a lateral park that will connect Lesnes Abbey Woods with Crossness on the Thames.
Abbey Wood has a thriving local property market, but the arrival of Crossrail is attracting many buyers from outside the area that wish to secure affordable period houses close to the station. The regeneration plans are also drawing an influx of buy to let investors. A new library, supermarket, coffee shops and public square in the Cross Quarter are all part of the development plans for the area. Abbey Wood’s schools all have good ratings from Ofsted with Bexley boasting two high-performing grammar schools.
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