The average rent prices of properties located near Elizabeth Line stations have risen by 31% over the last three years and in some areas this rises to 80%, Goodlord reveals.
Goodlord found that 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 by 73%. Before the Elizabeth Line opened in 2022, a property in the area could cost an average of £1,699 per month, this has now increased to £2,940.
Canary Wharf has seen the same trend, with a rise in average rents of 27%, from £1,956 to £2,489 per property.
Renters near new stations in London’s outer boroughs are also seeing above average price spikes, including residents living near Maryland and Stratford stations.
Data shows that there have been increases of 29% 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 while those residing in Woolwich have seen rents jump by a massive 40%, from £1,307 in 2022 to £1,833.
Nearby 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.
Commuter hubs such as Brentwood have also seen prices rise by 33% while prices in Slough have gone up by 27%, Reading by 21% and Shenfield by 19%.
It found that only one station has seen a decline in the average cost of rent. When the Elizabeth Line opened, homes in this area cost an average of £1,953 per month, today those prices have decreased by 10% with average rent prices costing £1,754.
The increased prices outstrips the average rental cost rises seen across Greater London during the same time period.
According to Goodlord’s Monthly Rental Index, the average cost of a rental property in Greater London as a whole has risen by 25% in the last three years.
The average cost of a rental property in the capital is now £2,088 during the period of June 2024 to date, up from £1,674 during the period of June 2021 to May 2022.
Goodlord managing director of insurance Oli Sherlock states: “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.”
