Average rents along the Elizabeth line have increased at more than double the rate of the London average over the last six years.
There are 38 stations along the £15bn Crossrail project, and it’s had a major economic impact so far, in areas across the line.
London as a whole has seen a slowdown in rental growth, at 8.2%. However, since construction started in 2012, rents to the East of the line have seen the strongest levels of growth, in particular Southall, with average rent prices up by 38.19%.
Why have rents increased so much around the Elizabeth line?
Despite the delay in the opening date, from Autumn 2018 to Autumn 2019, the Elizabeth line is expected to transform the way people travel into London from the South East. This means easier access for commuters getting into the city centre, and more opportunities opening up for those looking for work in those areas.
What levels of growth can be expected in different areas?
As above, the station that has seen the highest rental growth is Southall, which is up by 38.19%. Manor Park and Romford to the East have seen rents increase by 37.24% and 30.47% respectively, and rents in Abbey Wood are up 26.51%.
In Ilford, prices are up by 27.24%, Seven Kings by 26.09%, Goodmayes 25.18% and Chadwell Heath 27.35%, all to the east of the line.
Towards the West of the line, Burnham has seen increases of 26.02%, Iver 28.03% and Hayes and Harlington up by 21.05%.
Three stations have seen local rents fall since 2012, although much less significantly. Taplow has decreased by 2.02% and Canary Wharf and Maryland decreased by 0.09% and 6.51% respectively.
John Goodall, Chief Executive officer of Landbay, comments: “The Elizabeth Line will improve access to the centre of London for thousands of commuters, but it comes at a premium for renters.
“The prospect of better transport links is creating higher demand for property in these areas. As a result, house prices and rents alike have increased, which for many landlords is an attractive proposition due to the prospect of extra return on investment,” he added.