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Average rental growth along the Crossrail route (Elizabeth line) has increased at more than double the rate of the London average over the last 6 years.
Rental growth along the Crossrail route (excluding zone 1) has risen by an average of 16.38 per cent since 2012, compared with average growth of 8.2 per cent for the rest of London.
The £15 billion Crossrail project, one of the UK’s biggest transport infrastructure developments, has had major economic impact on many areas along the line. The Elizabeth Line, which will open to commuters in Autumn 2019, is set transform the way people travel in and out of London and the South East – improving access to jobs in the centre.
The impact on rental growth in the areas covered by Crossrail has been seen to be significant.
Rents in the areas surrounding the 38 stations analysed along the Elizabeth Line have (excluding zone 1) grown from an average of £1,193 in January 2012 to £1,376 in June 2018. This means that, on average, renters had to fork out an additional £2,196 this year compared to when construction started in 2012.
Areas to the East of zone 1 have seen the largest rent rises, on average inflating by 17.22 per cent since 2012. Areas to the West of zone 1 have seen growth of 15.38 per cent. London has largely seen a slowdown in rental growth over the same period, with an average of 8.20 per cent.
Three areas surrounding the stations along the Elizabeth Line have seen rents grow by over 30 per cent since 2012. The station that has seen the highest rental growth is Southall in the West (38.19 per cent), while Manor Park and Romford to the East have seen rents increase by 37.24 per cent and 30.47 per cent respectively.
The surrounding areas of eight stations have seen rents rise between 20-29 per cent since 2012, including Abbey Wood (26.51 per cent), Ilford (27.24 per cent), Seven Kings (26.09 per cent), Goodmayes (25.18 per cent) and Chadwell Heath (27.35 per cent) to the East of the line, and Burnham (26.02 per cent), Iver (28.03 per cent), and Hayes & Harlington (21.05 per cent) to the West of the Crossrail line.
Just three stations have seen local rents fall since 2012, with rents in Taplow to the West of the line decreasing by 2.02 Per cent and Canary Wharf and Maryland in the East decreasing by 0.09 per cent and 6.51 per cent respectively.
John Goodall, CEO and co-founder of Landbay who did the research said: ‘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.’