London’s newly launched Elizabeth Line has caused property prices around some stations to more than double in the last 10 years.
Despite delays opening the line, the number of buyers looking to move near the stations has steadily surged with buyer competition now more than nine times that of ten years ago in Abbey Wood.
Meanwhile, more than triple the number of buyers are contacting estate agents in Twyford.
For those renting, asking rents have risen most in Slough (44%) and Burnham (43%).
In Custom House, which will benefit from faster trains into Central London, competition among tenants is now a staggering 33 times higher than ten years ago
A Rightmove study of millions of data points looked at how local activity in areas surrounding the new line has changed in the past decade.
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 ten years ago (+108%) from £233,480 to £486,235. (This compares to a London average price increase of 55% in the same time).
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%).
The most in-demand areas around the Elizabeth line (and the increase in buyer demand in the past ten years):
1. Twyford (+245%)
2. West Drayton (+239%)
3. Reading (+239%)
4. Romford (+243%)
5. Iver (+223%)
Where asking prices have increased the most:
1. Maryland (+108%)
2. Abbey Wood (+103%)
3. Stratford (+102%)
4. Manor Park (+98%)
5. Chadwell Health (+94%)
Where rent has increased the most:
1. Slough (+44%)
2. Burnham (+43%)
3. Harold Wood (+41%)
4. Chadwell Heath (+40%)
5. Ilford (+39%)
Tim Bannister, Rightmove’s director of property science said: “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.”