With the Elizabeth Line due to open on May 24, it’s perhaps unsurprising that many areas near stations on the line have seen a surge in prices and interest from buyers and renters.
A new study by Rightmove has revealed how local market activity in these areas on the newly launched line has changed over the last ten years.
Maryland Station in Newham, which provides an additional option for those commuting near well-connected Stratford, has seen the biggest jump in asking prices, more than doubling compared to a decade ago from £233,480 to £486,235 – a jump of 108%.
Twyford, at the end of the western section of the line and the next stop along from better-connected Reading, has seen the biggest jump in the number of buyers contacting estate agents, more than tripling compared to ten years ago (245%).
Those looking to buy near Abbey Wood station, at the end of the South East section of the line, face the stiffest competition from other buyers. Competition, measured by the number of people enquiring about each available property in an area, has soared more than nine times (869%).
While total buyer demand has risen the most in western areas, prices and competition have risen most in eastern areas.
It is a similar picture for tenants as many look to balance their commute into London with where they can afford, as rising rents in London have seen average asking rents reach a new record of £2,195 per calendar month, up 14% compared to this time last year.
Southall has seen the biggest increase in number of tenants contacting letting agents compared to a decade ago (372%). Asking rents near Southall station are lower than nearby Hanwell or Ealing.
Conversely, asking rents have increased the most in western stations Slough (44%) and Burnham (43%), while those looking to rent near Custom House station face the most competition from other renters.
Custom House, one of the new stations built for the Elizabeth Line and benefitting from lower travel times into Central London, has seen competition increase by a staggering 33 times (3270%) compared to ten years ago.
Tim Bannister, Rightmove’s director of property science, comments: “Our unique view of the whole housing market over the last ten 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. 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.”
“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,” he concludes.