Transport for London’s much-awaited Elizabeth line is Opened on 24 May 2022, from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east, ahead of the Queen’s Platinum Jubilee.
The Elizabeth Line’s opening has been a long time coming. Residents across the capital will benefit from the 10% rail capacity boost, the most significant single expansion of the city’s transport network in more than 70 years.
London commuters are also battling against rising property prices & rents along the Elizabeth Line.
Despite delays in the line opening, the number of buyers & renters looking to move near the Elizabeth line stations has steadily surged with competition now more than nine times that of ten years ago.
Competition, measured by the number of people enquiring about each available property in an area, has soared by 869 percent.
Tenants as many look to balance their commute into London with where they can afford, as rising rents in London have seen average asking rents reach a new record of £2,195 per calendar month, up 14 per cent compared to this time last year.
Not only this, but new working from home patterns since the pandemic started two years ago will have many people weighing up whether they are prepared to commute from further away if they need to do so less often.
Local areas around Maryland, Abbey Wood and Stratford stations like Barking, Romford, Illford, Dagenham have all grown in interest in the last decade, data from Rightmove shows.
Maryland Station in Newham, which provides an additional option for those commuting near well-connected Stratford, has seen the biggest jump in asking prices, more than doubling compared to ten years ago up to 108 per cent.
This compares to the London average increase over the past ten years of 55%
Various market-watchers predicted further rises, of up to 40% compared to non-Crossrail locations.
Areas further out from central London which have lower asking prices or rents, but are now more easily commutable will be attractive to tenants in search of somewhere affordable to live near the capital like Sudbury, Braintree, and Chigwell.
It just goes to show how important location is when looking to invest in a property for rental purposes.
You can also benefit from the new Elizabeth line in your property investments
As Property trends highlight the rise in prices & rentals along Elizabeth Line you can also get benefits through investment in properties near the line.
Individual property investors can also take advantage of this new investment opportunity in good target locations near the new line. If you want to know more about property investment opportunities near this new line, we can certainly help you with that!
If you’re interested to find out more, please get in touch or email our investment team at invest@plmd.co.uk. We would love to tell you more about our exciting investment opportunities near this line!
Data Source: Rightmove
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