Gatwick expansion to have positive effect on south London property market
Following months of in-depth debate, eleven councils across London have urged Theresa May to back Gatwick’s bid to build London’s new runway.
The airport has recently reported increased activity with trade at an all-time high, encouraging the government to take the expansion plans more seriously.
Most recently, these eleven council bosses have witnessed nearly 20 years of failed attempts to increase the capacity of Heathrow sufficiently which has only made them more determined to see successful expansion plans carried through.
Unsurprisingly, Croydon Council is amongst the eleven councils openly supporting the concept of the Gatwick expansion, in addition to Hammersmith & Fulham, Kensington & Chelsea and Lambeth Council.
The impact of expanding Gatwick will spread across the whole of London, but have a particularly positive effect on South London. Over 3 million Londoners will experience the impact of increased trade, more job opportunities and improved transport links. In addition, property prices will also increase in the surrounding areas as they benefit from the alterations.
Currently, the average price of a house in London is over 600,000, with prices in outer boroughs such as Croydon still reaching averages of £350,000 – £400,000. The expansion of Gatwick means that there is an opportunity to experience capital appreciation on properties based in the relevant areas.
Furthermore, former MP’s Tessa Jowell and Steve Norris have been confirmed as the heads for the new Gatwick Growth Board, ensuring the impact of the expanded airport is positive and benefits are equally distributed across the region.
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