Transport for London and Network Rail have produced a preferred route for the proposed £20bn Crossrail 2 project, which could be running by 2030.

The new rail line running north-south through the capital is designed to increase network capacity and reduce journey times. A journey from Kingston to Tottenham Court Road would be cut from 46 to 29 minutes and from Dalston to Tottenham Court Road would be cut from 27 minutes to just 8 minutes.

Passengers on mainline trains travelling in to Waterloo would also benefit as suburban services would be diverted into a new tunnel under London.

A recent consultation to refine the route showed strong support for the scheme with more than 80% expressing support. On the options consulted, the majority of respondents support an extension from Alexandra Palace to New Southgate. There was also strong support for a station at Kings Road, Chelsea, as well as support for two potential station options in Hackney – Hackney Central and Dalston Junction.

Crossrail 2 is estimated to cost around £20bn. Subject to the outcome of the consultation process the secretary of state for transport will issue a safeguarding direction for Crossrail 2 in 2015.