Tenant demand surges along London’s Elizabeth Line

Tenant demand surges along London’s Elizabeth Line

0:04 AM, 26th May 2023, About 11 months ago

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It’s been a year since the grand opening of London’s Elizabeth Line and a new report has revealed the latest trends among renters around its stations.

According to Rightmove, the biggest surge in tenant demand is being seen at the stations farthest from the city centre.

The same tenant trend has been unearthed by Foxtons which this week revealed that improved transport links make the capital’s outer boroughs more appealing.

In the Rightmove report, Reading tops the list with a whopping 32% increase in tenant demand, followed by Brentwood (26%) and Shenfield (25%).

To underline the trend, the data shows that renter demand fell by 2% in London over the past year.

‘Renters casting their net wider’

The firm’s property expert, Tim Bannister, said: “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.”

Trend for tenants to look further afield for cheaper rents

The trend for tenants to look further afield for cheaper rents is evident in the Rightmove report which reveals that 39% of renters now enquiring about moving home are looking outside the city.

That’s up from 32% doing so last year.

One reason could be that the average asking rent in Reading is £1,401 – that’s up 10% in a year – compared to London’s average of £2,501, where rents have gone up by 14% in 12 months.

Rightmove says the rental market is experiencing intense competition with tenant demand up 42% compared to 2019, while the number of properties available to rent is down by 48%.

The biggest competition between tenants along the Elizabeth Line is found near Ilford station where it has nearly doubled in a year – an astonishing 97% – followed closely by Manor Park (86%) and Chadwell Heath (80%).

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