Market News

House prices double around new Elizabeth Line stations - YAHOO FINANCE

MAY 20, 2022

Many London areas near stations on the new Elizabeth line have seen a surge in prices and interest from buyers and renters as they become better connected, according to Rightmove (RMV.L).

Maryland Station in Newham, which also has the extra option for people commuting near well-connected Stratford, has seen the biggest jump in asking prices. Prices have more than doubled compared to 10 years ago, a rise of 108% from £233,480 to £486,235.

This is almost twice the average increase in property values in London over the past decade of 55%.

Twyford, at the western end of the line and the next stop along from better connected Reading, has experienced the biggest rise in the number of buyers contacting estate agents. This has more than tripled compared to 10 years ago with a rise of 245%.

Abbey Wood station, at the end of the South East section of the line, is one of the most popular areas. Househunters looking to buy in this area face the stiffest competition from other buyers as competition, measured by the number of people enquiring about each available property in an area, has skyrocketed by 869%. Asking prices have risen by 103% to £356,801.

Other hotspots on the Elizabeth Line include well-connected Stratford where the average asking price has risen 102% to £480,271, Manor Park where prices have risen 98% to £456,276 and Chadwell Heath at £385,828, a 94% jump.

While total buyer demand has risen the most in areas around stations on the western part of the Elizabeth Line, prices and competition have increased most in eastern areas.

Areas around Elizabeth Line stations have also drawn more interest from renters. Southall has seen the biggest jump in the number of tenants contacting letting agents compared to 10 years ago, more than quadrupling with a rise of 372%.

Southall may also be a popular choice as asking rents around the station are lower than nearby Hanwell or Ealing.

"Areas further out from central London which have lower asking prices or rents, but are now more easily commutable will be attractive to new buyers and tenants in search of somewhere affordable to live near the capital," said Tim Bannister, Rightmove’s director of property science.

"Not only this, but new working from home patterns since the pandemic started two years ago will have many people weighing up whether they are prepared to commute from further away if they need to do so less often.”

Slough has seen the biggest rise in asking rents with prices climbing by 44% to £1,424 per calendar month (pcm). Burnham, also on the western end of the line, came in close second with asking rents increasing by 43% to £1,457.

Rising rents in London have seen average asking rents in the capital reach a new record of £2,195 pcm – a jump of 14% compared to this time last year.

Renters looking for homes near Custom House station face the most competition from other tenants with competition soaring by 3270% compared to 10 years ago. The station has been newly built for the Elizabeth and benefits from significantly lower travel times into Central London.

Bannister said: “Our unique view of the whole housing market over the last 10 years really shows how many areas near stations that are now either better connected, or have seen their journey times into central London significantly slashed, have received a lot of new attention from buyers and renters.

"As the Elizabeth Line opens, it does so with a backdrop of record rents in London, a rising cost of living and a shortage of available homes."


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