Tenant demand rises for stations further along Elizabeth Line
- New analysis from Rightmove reveals the trends around Elizabeth Line stations one year on from it opening
- The biggest increase in demand from renters is near stations furthest out, including Reading (+32%), Brentwood (+26%) and Shenfield (+25%)
- This compares to a slight easing of tenant demand in London by 2% versus last year
- A bigger proportion of renters are looking to leave London compared to last year in search of cheaper rents or an available property that suits their needs further out
- Competition between tenants to rent a home in Ilford has nearly doubled in a year (+97%), the most around any Elizabeth Line station as demand continues to outstrip supply in the rental market
- Gidea Park is the most in-demand location for buyers and Ealing Broadway has seen the biggest rise in prices
A year on from the Elizabeth Line opening, new Rightmove analysis reveals the latest buyer and renter trends near stations along the line.
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%).
This compares to a small drop in tenant demand in London of 2% versus this time last year and coincides with a bigger proportion of renters looking 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 where asking rents for new tenants have risen by 14% over the last year.
Demand continues to greatly outstrip supply 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%.
Competition between tenants to rent a home in Ilford has nearly doubled in a year (+97%), the most around any Elizabeth Line station, followed by Manor Park (+86%) and Chadwell Heath (+80%).
In the sales market, Gidea Park is the most in-demand area near an Elizabeth Line station, followed by Brentwood & Shenfield, while Ealing Broadway has seen the biggest increase in asking prices.
The average asking price for a home near Ealing Broadway station has risen by 9% over the last year, and is now £886,251, up from £812,394 last year.
Rightmove’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.”
Elizabeth Line Data
Tenant demand hotspots
| 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 |
Tenant competition hotspots
| 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 |
Asking price hotspots
| Station | Average asking price | Increase in average asking price compared to a year ago |
| Ealing Broadway | £886,251 | +9% |
| Hayes and Harlington | £443,307 | +9% |
| Canary Wharf | £665,338 | +8% |
| Heathrow Terminal 4 | £397,027 | +5% |
| Woolwich | £403,707 | +5% |
You May Also Enjoy
Preventative Measures to Reduce the Risk of Emergencies in a Rental Home
Understanding the Metrics Used by Estate Agents to Determine Your Home’s Worth
Labour’s Vision for Homeowners and Renters: Key Changes to Expect
The pros and cons of renting to students: is it the right choice for you?
Autumn Budget Misses Mark on Housing Reform: UK Rental Market Squeezed by Shortages and Rising Rents
