A new survey by Goodlord confirms the higher demand for homes near good transport services.
Those living near London’s Elizabeth Line stations have experienced higher than average rises in the cost of rent – something which can be seen across some of the capital’s busiest boroughs:
- Since the Elizabeth Line opened, rent prices have surged for properties situated between the line’s Tottenham Court Road and Bond Street stations, with an average increase of 80%. Rents for homes with W1F postcodes were £2,448 before the opening of the line and have now increased to £4,402;
- In Whitechapel, rents have also increased dramatically – rising by 73%. Before the Elizabeth Line opened in 2022, a property in the area could cost £1,699 per month, on average. This has now increased to £2,940;
- The trend is also evident in Canary Wharf, which has experienced a 27% increasein average rents, from £1,956 to £2,489 per property, on average
In London’s outer boroughs, renters near the new stations are also seeing above average price spikes:
- Residents living near Maryland and Stratford stations – adjacent stops in East London – have seen a 29% increase in average property costs: up from £1,681 to £2,163 per month;
- Renters signing tenancies near Acton Main Line are now paying 28% more in rent than they were in 2022 – with prices having increased from £1,600 to £2,040;
- Those residing in up-and-coming Woolwich have seen rents jump by a massive 40% – from £1,307 in 2022 to £1,833;
- And renters in South East London’s Abbey Wood have seen an even steeper increase – with rental averages up by 50% (up from £1,157 in 2022 to £1,738 today)
Renters living near Elizabeth Line stations outside of London have also seen costs shoot up:
- Residents living near Brentwood station have seen price rises of up to 33% – increasing from £1,411 in 2022 to £1,873 today, on average, for those living in the CM13 postcode;
- And those living near Slough’s connection to the line have seen a 27% rise – with average rental property prices up from £1,033 to £1,314;
- Reading renters have experienced a price bump of 21% over three years – back in 2022, the average cost of a Reading property was £1,089. This has risen to £1,313 today;
- Those benefiting from renting near Shenfield station have seen costs rise by 19%since 2022 – up from £1,524 to £1,819
A Goodlord spokesperson says: “Rents have risen dramatically across the country in recent years, fuelled by dwindling supply of rental stock and soaring demand from tenants.
“This is felt acutely in and around London, where tenants always pay a premium compared to national rental average. That’s why, when new transport connections open up, there is always a surge of demand from renters looking to snap up cheaper rents in newly well-connected areas.
“However, as we can see from this Elizabeth Line data, this ‘station surge’ ultimately pushes rents up even faster – creating mini rental hot spots in and around Greater London.”
