Homes near the Elizabeth Line see sales prices double in a decade
Sales 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 poorly connected to major commuter hubs, such as Liverpool Street or Paddington stations.
But they have seen property sales prices rise amid new interest from buyers and renters due to better transport links offered by the Elizabeth Line.
REVEALED: Ticket price hotspots around new Elizabeth Line stations
Elizabeth Line hotspots: This two-bedroom flat on London’s Windmill Lane is 0.2 miles from Maryland station and is for sale for £395,000 via Filtons estate agents
New figures from Rightmove revealed the extent to which asking prices have risen in the local areas around the Maryland, Abbey Wood and Stratford stations.
Maryland Station in Newham, which provides an additional option for those traveling near well-connected Stratford, has seen the largest increase 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 with London’s average increase over the last ten years of 55 per cent.
Roughly half a mile from Abbey Wood station is this two-bedroom apartment for sale for £235,000 via Your Move estate agents.
Meanwhile, Rightmove revealed that total buyer demand increased the most in western areas, while prices and competition increased the most in eastern areas.
Twyford, at the end of the western section of the line and the next stop from Reading, has seen the biggest increase in the number of buyers hiring estate agents.
The numbers have more than tripled compared to 10 years ago, up 245 percent.
Those looking to buy near Abbey Wood station, at the end of the line’s southeastern section, face stiffer competition from other shoppers.
Competition in that area has skyrocketed more than nine times and is up 869 percent.
Rightmove has identified the selling price hotspots around new Elizabeth Line stations
North London estate agent Jeremy Leaf said: “In many ways, buyers and sellers, as well as landlords and renters, have already factored in most of the added value to their homes that can be attributed to the new Elizabeth line.
‘That shows in the local values that have been rising steadily for the last decade rather than the last year before opening.
“However, there always seems to be a certain amount of skepticism about openings of this sort, leading to questions about whether it will ever happen and how reliable it will turn out to be.
“Those concerns can probably now be dismissed, but anyone still hoping to make a quick buck from the opening has certainly missed the boat and would be better off looking at perhaps the areas adjacent to the station’s immediate catchment areas to benefit from any stardust.” of additional property.’
Rightmove has identified shopper demand hotspots around new Elizabeth Line stations
Increased competition from buyers compared to ten years ago around the new Elizabeth line has been revealed.
Near Station Custom House – This two-bedroom house is renting for £1,700 a month through Outlook letting agents
Rental access points along the new Elizabeth Line station have been revealed
It’s a similar story across the Elizabeth line for renters, as many seek to balance their commute to London with where they can pay their rent.
Median rents in London have hit a new record of £2,195 a month, up 14% from last year.
Southall has seen the largest increase in the number of tenants contacting rental agents compared to ten years ago, more than quadrupling to 372 per cent.
However, asking rents near Southall station are lower than those in nearby Hanwell or Ealing.
Requested rentals have risen the most at the western stations of 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 rental demand hotspots along the new Elizabeth Line stations, with demanded rent averaging up 44 per cent over the last ten years.
One of the new stations built for the Elizabeth Line, Custom House, has seen competition increase by 3,270 percent compared to ten years ago.
Custom House, one of the new stations built for the Elizabeth Line and benefiting from significantly lower journey times to central London, has seen competition increase 33-fold, 3,270% more than ten years ago.
Tim Bannister of Rightmove said: ‘As the Elizabeth Line opens, it does so against a backdrop of record London rents, a rising cost of living and a shortage of available housing.
“Areas further from central London that have lower sales prices or rents but are now easier to relocate to will be attractive to new buyers and renters looking for an affordable place to live close to the capital.
“Not only this, but new work-from-home patterns since the pandemic began two years ago will make many people weigh whether they are prepared to travel from further afield if they need to do so less frequently.”