Transport incentives for London home buyers as new low emission zone takes effect

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Transport incentives for London home buyers as new low emission zone takes effect

Developers in London are offering buyers transport incentives as new rules on driving in the city are introduced.

From April 8, a new Ultra Low Emission Zone (ULEZ) will be put in place in central London, covering the same area as the congestion charge and aimed at improving the capital's air quality.

Vehicles will have to meet tougher exhaust emission standards or face a daily charge of £12.50 to drive within the ULEZ area.

With an increase in pedestrianisation and a ban on car parking at new residential and office developments, London is becoming significantly less vehicle friendly.

And that is reflected in some of the incentives on offer at residential developments across the city, according to a report in the Evening Standard's homes and property section.

Travel costs covered

A 71-home scheme in Hoxton called Dash has no parking spaces at all, but buyers who invest in a home there - they start from £599,995 - will receive a car club subscription for 12 months. The development is close to Old Street tube station.

The View is a 15-storey tower overlooking Battersea Park. Buy a flat there and you'll be handed a cash card covering two years of black cab rides and membership of the London cycle hire scheme. Properties at the View start from £775,000.

Anyone reserving an off-plan home at the Assembly project in Hounslow will have their Transport for London travel paid for a year for zones one to four. Prices start from £480,000.

Car no longer king

A similar offer is on the table at the Traders Quarter at Royal Wharf where buyers who exchange contracts within four weeks receive the cost of a TfL yearly travel card for zones one to three. Prices start from £497,500 (£124,375 for a 25 percent shared ownership share).

David Leam, director at pressure group London First, told the Standard: "This is not the Sixties or Seventies when the car was king and the city was built around it. We are now carving out vast public spaces for cycles and pedestrians."


by Frances Traynor
Thursday 4th of April 2019 11:10:03 AM