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Homes near Elizabeth Line see asking prices double in a decade

58029537 10833787 REVEALED The asking price hotspots around the new Elizabeth Line a 29 1652976893724

Asking prices for properties for sale near stations on London’s new Elizabeth line have more than doubled in a decade, new research shows.

Many areas close to stations on the capital’s new high-speed line were previously less well connected to major suburban centres, such as Liverpool Street or Paddington stations.

But they have seen an increase in asking prices in property amid renewed interest from buyers and tenants due to the better transport links provided by the Elizabeth line.

REVEALED: Asking price hotspots around new Elizabeth Line stations

REVEALED: Asking price hotspots around new Elizabeth Line stations

Elizabeth Line hotspots: This two-bed flat in London's Windmill Lane is 0.2 miles from Maryland Station and is on sale for £395,000 via estate agents Filtons

Elizabeth Line hotspots: This two-bed flat in London’s Windmill Lane is 0.2 miles from Maryland Station and is on sale for £395,000 via estate agents Filtons

New figures from Rightmove revealed how much asking prices have increased in local areas around Maryland, Abbey Wood and Stratford stations.

Maryland Station in Newham, which provides an additional option for those traveling near well-serviced Stratford, saw the biggest increase in asking prices.

They have more than doubled from a decade ago, rising by 108% from £233,480 to £486,235.

This compares to London’s average increase over the last ten years of 55%.

Meanwhile, Rightmove revealed that total buyer demand has increased the most in Western regions, while prices and competition have increased the most in Eastern regions.

Twyford, at the end of the western section of the line and the next stop alongside Reading, has seen the biggest jump in the number of buyers contracting estate agents.

The numbers have more than tripled from 10 years ago, up 245%.

Those looking to buy near Abbey Wood station, at the end of the south-eastern section of the line, face the fiercest competition from other buyers.

Competition in this area has increased more than nine times and increased by 869%.

Rightmove has identified asking price hotspots around new Elizabeth line stations

Rightmove has identified asking 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 tenants have already factored in most of the extra value in their homes that could be assigned to the new Elizabeth line.

“It shows in the local values ​​which have been steadily increasing over the last decade rather than the last year before opening.

“Nevertheless, there still seems to be some skepticism towards overtures of this type, which makes some doubt that it will ever happen and how reliable it will prove.

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‘These concerns can probably now be ignored, but anyone still hoping to make a quick buck from the opening has certainly missed the boat and would be better served by perhaps looking into areas adjacent to the station’s immediate catchment areas for benefit from any additional stardust properties. ‘

Rightmove has identified hotspots of buyer demand around new Elizabeth Line stations

Rightmove has identified hotspots of buyer demand around new Elizabeth Line stations

The increase in competition between buyers compared to a decade ago around the new Elizabeth line has been revealed

The increase in competition between buyers compared to a decade ago around the new Elizabeth line has been revealed

Close to Custom House Station: This two-bedroom house is to rent for £1,700 a month via Outlook letting agents

Close to Custom House Station: This two-bedroom house is to rent for £1,700 a month via Outlook letting agents

Rental hotspots along the new Elizabeth Line station have been revealed

Rental hotspots along the new Elizabeth Line station have been revealed

It’s a similar story along the Elizabeth line for renters, as many seek to balance their commute to London with where they can afford to rent.

Average rents in London hit a new record high of £2,195 per month, up 14% on the same period last year.

Southall has seen the biggest increase in tenants contacting letting agents from a decade ago, more than quadrupling, up 372%.

However, asking rents near Southall station are lower than in nearby Hanwell or Ealing.

Asking rents have risen the most at West Slough stations, up 44 per cent, and Burnham, up 43 per cent, while those looking to rent near Custom House station are facing the greatest competition from other tenants.

One of the new stations built for the Elizabeth line - Custom House - has seen competition rise 3270% from a decade ago

One of the new stations built for the Elizabeth line – Custom House – has seen competition rise 3270% from a decade ago

Custom House, one of the new stations built for the Elizabeth line and benefiting from significantly reduced journey times to central London, has seen competition increase 33 times, up 3270% from a decade ago .

Rightmove’s Tim Bannister said: ‘When the Elizabeth Line opens it does so against the backdrop of record London rents, a rising cost of living and a shortage of available accommodation.

“Areas further from central London which have lower prices or rents, but are now more easily commutable, will be attractive to new buyers and tenants looking for an affordable place to live near the capital.

“Not only that, but the new work-from-home models since the pandemic began two years ago will have many people wondering if they are willing to travel further if they have to do so less often.”

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