New research has revealed that averagerental growth around the stations of the Elizabeth Line (excluding zone 1) has been more than double the London average since 2012.
Rents along the line have increased by 16.4% in comparison to the London average of 8.2%, according to the findings by Landbay.
One of the UK’s largest transport infrastructure projects, the £15bn Crossrail scheme has been well-known in recent years for the ‘Crossrail effect’ – with many areas along the line experiencing an economic boost, significant regeneration and upped house prices and rents.
The Elizabeth Line, which was set to be completely operational by December this year, will now open fully to commuters in the autumn of 2019. A spokesman for Crossrail Limited said that more time was needed to complete ‘final infrastructure and extensive testing’ and make sure a safe and reliable route was delivered for passengers.
The Landbay Rental Index has examined the impact it is already having on rental growth along the new rail network. Rents in the areas surrounding the 38 stations analysed along the Elizabeth Line (discounting zone 1) rose from an average of £1,193 in January 2012 to £1,376 in June 2018. On average, then, tenants have had to pay out an extra £2,196 this year compared to when construction began in 2012.