10 rental hotspots along the Elizabeth Line
It’s a year on from the long-awaited opening of the Elizabeth line, London’s newest, ultra-modern transport link.
The network stretches more than 100km from Reading and Heathrow in the west, to Shenfield and Abbey Wood in the east.
The high-speed line has been attracting home-hunters to areas along its route long before the first trains started running a year ago. The Elizabeth line has been a big draw for home-buyers and renters looking for a smooth commute from some of London’s outlying areas. And it’s these areas that have seen the biggest jump in demand from renters.
Our 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.”
Elizabeth line hotspots
The top 5 tenant demand hotspots
The top three stations that have seen the biggest increase in tenant demand nearby are some of the furthest out on the line, with Reading topping the list (+32%), followed by Brentwood (+26%) and Shenfield (+25%).
| Station | Increase in tenant demand compared to a year ago | Average asking rent |
|---|---|---|
| Reading | +32% | £1,401 |
| Brentwood | +26% | £1,850 |
| Shenfield | +25% | £1,908 |
| Ilford | +23% | £1,817 |
| Romford | +21% | £1,735 |
The big increase in demand for homes near these Elizabeth line stations compares to a small annual drop in tenant demand in London of 2%. And it coincides with a bigger proportion of renters looking to live outside of major cities, in search of cheaper rents further out, or an available home that suits their needs.
In London, 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 (pcm) and has risen by 10% over the last year, compared with an average of £2,501 pcm in London. Asking rents in the capital have risen by 14% over the last year.
Demand continues to greatly outstrip the number of available homes 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%.
Take a look at some of the homes available to rent in Reading
Where has competition between tenants increased most?
Competition between tenants to rent a home in Ilford, east London, has nearly doubled in a year (+97%), the most around any Elizabeth Line station. The areas around Manor Park and Chadwell Heath stations, also in east London, have also seen a big increase.
| Station | Increase in tenant competition compared to a year ago | Average asking rent |
|---|---|---|
| Ilford | +97% | £1,817 |
| Manor Park | +86% | £1,924 |
| Chadwell Heath | +80% | £1,746 |
| Reading Station | +56% | £1,401 |
| Taplow | +49% | £2,014 |
READ MORE: What can you buy for the average first-time buyer house price?
The header image for this article is provided courtesy of Transport for London
