Mind the (price) gap! Homes for sale close to London’s new Elizabeth Line stations have seen asking prices double in a decade
Asking prices for properties for sale near stations on London‘s new Elizabeth Line have more than doubled in a decade, new research has revealed.
Many areas near stations on the capital’s new high-speed line were previously less well connected to key commuter hubs, such as Liverpool Street or Paddington stations.
But they have seen a surge in property asking prices amid new interest from homebuyers and tenants due to the better transport links that the Elizabeth Line provides.
REVEALED: The asking price hotspots around the new Elizabeth Line stations
Elizabeth Line hotspots: This two-bed flat in London’s Windmill lane is o.2 miles from Maryland station and is for sale for £395,000 via Filtons estate agents
The new figures from Rightmove revealed the extent to which asking prices have risen in local areas around Maryland, Abbey Wood and Stratford stations.
Maryland Station in Newham, which provides an additional option for those commuting near well-connected Stratford, has seen the biggest jump in asking prices.
They have more than doubled compared to ten years ago, rising 108 per cent from £233,480 to £486,235.
This compares to the London average increase over the past ten years of 55 per cent.
About half a mile from Abbey Wood station is this two-bed flat for sale for £235,000 via Your Move estate agents
Rightmove has identified the asking price hotspots around the new Elizabeth Line stations
Meanwhile, Rightmove revealed that total buyer demand has risen the most in western areas, while prices and competition has risen most in eastern areas.
Twyford, at the end of the western section of the line and the next stop along from Reading, has seen the biggest jump in the number of buyers contracting estate agents.
Numbers have more than tripled compared to 10 years ago, up 245 per cent.
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 in that area has soared more than nine times and is up 869 per cent.
Rightmove has identified buyer demand hotspots around the new Elizabeth Line stations
The increase in buyer competition compared to ten years ago around the new Elizabeth Line has been revealed
Near Custom House station: This two-bed house is for rent for £1,700 a month via Outlook lettings agents
The rental hotspots along the new Elizabeth Line station have been revealed
It is a similar story along the Elizabeth line for tenants as many look to balance their commute into London with where they can afford to rent.
Average rents in London have reached a new record of £2,195 a month, up 14 per cent compared to this time last year.
Southall has seen the biggest increase in the number of tenants contacting letting agents compared to ten years ago, more than quadrupling, up 372 per cent.
However, asking rents near Southall station are lower than nearby Hanwell or Ealing.
Asking rents have increased the most in western stations Slough, up 44 per cent, and Burnham, up 43 per cent, while those looking to rent near Custom House station face the most competition from other tenants.
Slough is among the asking rent hotspots along the new Elizabeth Line stations, with the average asking rent up 44 per cent during the past ten years
One of the new stations built for the Elizabeth Line – Custom House – has seen competition increase 3270 per cent compared to ten years ago
Custom House, one of the new stations built for the Elizabeth Line and benefitting from significantly lower travel times into Central London, has seen competition increase by a staggering 33 times, up 3270 per cent compared to ten years ago.
Tim Bannister, of Rightmove, said: ‘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 that 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.’