Monday, 08 August 2022

Elizabeth line house prices double

A NEW study has found that housing market activity in the areas near railway stations along the newly-opened Elizabeth line has increased over the last 10 years.

The report, published by property website Rightmove, found that areas that were previously less well connected to key London commuter hubs like Paddington and Liverpool Street have seen a surge in interest from buyers and renters.

Twyford, for example, has seen the biggest jump in the number of buyers contacting estate agents — up 245 per cent compared with 10 years ago.

Maryland Station in Newham has seen the biggest increase in asking prices — more than doubling from £233,480 to £486,235 — while enquiries about each available property around Abbey Wood station have increased by 869 per cent.

Interest in and prices of rental properties have seen a similar pattern, with asking rents in Slough rising by 44 per cent compared with 10 years ago.

Custom House, one of the new stations built for the Elizabeth line, has seen competition among renters increase by a staggering 3,270 per cent.

Tim Bannister, Rightmove’s director of property science 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.

“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.”

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