Crossrail station Photo by Joe Taylor on Unsplash

Rents rise along Crossrail route

The effect of the long-planned Crossrail link through London that is nearing completion has been seen in a rise in rents near to the line, research has shown.

Analysis from Landbay of the areas near the 38 stations on the route that are outside of London’s central Zone 1 shows that average rents were £1,376 in June 2018 – up from £1,193 in January 2012. That’s a growth of 15.34%, compared to 8.20% rise in rents in the rest of London over the same period.

Leading the way in growth on the route, which stretches from Reading in the west to Shenfield in the east, is Southall where rents have grown by 38% since 2012 to stand at an average of £1,517. Second on the list is much further east, with Manor Park seeing rents go up by 37% while Romford, further down the route from Manor Park, is third on 30.5%.

Rents in some areas have fallen, however, with rents in Taplow dropping by 2%, and in Maryland by 6.51%.

Crossrail station

Crossrail Ltd 

Construction on the route, which will be named the Elizabeth line, began in 2009. To drive a new route across the capital, 26 miles of new tunnels have been dug under the heart of the city. Ten new stations are also nearing completion, part of what Crossrail say is “one of the largest single infrastructure investments undertaken in the UK.”

“The Elizabeth Line will improve access to the centre of London for thousands of commuters, but it comes at a premium for renters,” said John Goodall, chief executive officer of Landbay.

“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.”

In 2017, Emoov said prices along the Crossrail route had increased by 80%, compared to the rest of the capital at 77%.

If other big infrastructure projects that are on the horizon, such as HS2, come to fruition then the property market in places like Birmingham, Manchester and Leeds could see similar side-effects to those felt in London.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT