Thursday, July 7, 2022
UK

Property prices on Elizabeth Line expected to soar

Rightmove

According to Rightmove, buyer demand for homes in Iver has increased by a whopping 223 per cent since 2012

Properties in Bucks are experiencing a huge surge in buyer demand as house prices are expected to soar on the Elizabeth line compared to a decade ago.

The Elizabeth Line opened on May 24, connecting parts of Buckinghamshire to Central London on the tube line.

Those who commute from Iver, Burnham and Taplow into the capital now have an easier route to London thanks to the new Crossrail project.

The UK’s largest online real estate, Rightmove looked at the 1,500 nearest postcodes to each station to measure changes in local market activity near that station.

According to Rightmove, buyer demand for homes in Iver has increased by a whopping 223 per cent since 2012.

In Burnham, there has been a 43 per cent increase in average asking rent compared to ten years ago.

The average asking rent in Slough has also increased by 44 per cent.

Tim Bannister, Rightmove’s director of property science, said: Our unique view of the whole housing market over the last ten years really shows how many areas near stations that are now either better connected, or have seen their journey times into central London significantly slashed, have received a lot of new attention from buyers and renters.

As the Elizabeth Line opens, it does so with a backdrop of record rents in London, a rising cost of living and a shortage of available homes, he said.

Areas further out from central London which have lower asking prices or rents, but are now more easily commutable will be attractive to new buyers and tenants in search of somewhere affordable to live near the capital, he said.

He said: 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.

The Elizabeth line runs from Reading and Heathrow Airport to Shenfield in Essex and Abbey Wood in south east London, via the centre of the capital.

More than a million journeys were made in the first five days of its opening.

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