The top three stations on the Elizabeth Line with the biggest rises in nearby rental demand — jumping by a quarter or more — are some of the furthest out on the railway, Rightmove data shows.   

Reading tops the list with a 32% jump in tenant demand, followed by Brentwood, up 26% and Shenfield, rising 25%, since the east-west London route opened a year ago on 24 May 2022.   

The property website says these rises compare to a dip in rental demand in London of 2%, compared to 12 months ago, which “coincides with a bigger proportion of renters looking outside of major cities, in search of cheaper rents further out or an available home that suits their needs”.   

In the capital, 39% of renters enquiring to move home are looking outside of the city, up from 32% this time last year.   

The average asking rent for a home in Reading is £1,401 per calendar month, up 10% over the last year, compared with an average of £2,501 per calendar month in London where asking rents for new tenants have risen by 14% over the last year.   

The firm’s survey says: “Demand continues to greatly outstrip supply in the rental market, resulting in multiple tenants competing for the same properties in many areas of Great Britain.”    

Compared with 2019, tenant demand is up 42%, and the number of properties to rent is down by 48%.   

Competition between tenants along the Elizabeth Line is at its fiercest around Ilford station, which has seen enquiries nearly double in a year, up 97%, followed by Manor Park, 86% higher, and Chadwell Heath, up 80%.   

In the sales market, Gidea Park station is the most in-demand area on the line, followed by Brentwood & Shenfield, while Ealing Broadway saw the biggest increase in asking prices.    

The average asking price for a home near Ealing Broadway station has risen by 9% to £886,251 over the last year.  

Rightmove property expert Tim Bannister says: “A shortage of available homes, record rents and the ability for many to work from home are all contributing to renters casting their net wider and exploring new areas to live in, in many cases further away from major cities.    

“The Elizabeth Line has opened up new options for renters needing to commute to different areas of London, and in many cases with cheaper asking rents than typical London hotspots.”