Elizabeth Line sparks soaring rents across London and beyond

Since the Elizabeth Line opened in May 2022, the cost of renting homes near its stations has rocketed, with an average increase of 31% over three years, Goodlord says.

Its analysis of more than 80,000 tenancies across 32 stations highlights how the new rail link has transformed the rental landscape in London and surrounding areas, with some locations experiencing rises as high as 80%.

In central London, properties near Tottenham Court Road and Bond Street have seen the steepest climbs, with rents in W1F postcodes soaring from £2,448 to £4,402 per month — an 80% jump.

Whitechapel follows closely, with a 73% increase, pushing average rents from £1,699 to £2,940.

Canary Wharf renters face a 27% hike, with costs rising from £1,956 to £2,489 per month.

Soaring tenant demand

The firm’s managing director of insurance, Oli Sherlock, said: “Rents have risen dramatically across the country in recent years, fuelled by dwindling supply of rental stock and soaring demand from tenants.

“This is felt acutely in and around London, where tenants always pay a premium compared to national rental average.

“That’s why, when new transport connections open up, there is always a surge of demand from renters looking to snap up cheaper rents in newly well-connected areas.”

He added: “However, as we can see from this Elizabeth Line data, this ‘station surge’ ultimately pushes rents up even faster – creating mini rental hot spots in and around Greater London.”

Outer London borough rent rises

Goodlord also found that outer London boroughs are not spared with Woolwich rents surging by 40%, from £1,307 to £1,833.

Abbey Wood has seen a 50% increase, with average costs climbing from £1,157 to £1,738.

Maryland and Stratford report a 29% rise, with monthly rents increasing from £1,681 to £2,163.

Acton Main Line renters now pay 28% more, with prices up from £1,600 to £2,040.

Rents rise outside London

Beyond the capital, the rising rent trend persists with Brentwood’s CM13 postcode seeing rents rise by 33%, from £1,411 to £1,873.

Slough’s renters face a 27% increase, with costs moving from £1,033 to £1,314, while Reading’s rental prices have grown by 21%, from £1,089 to £1,313.

Shenfield properties have increased by 19%, with rents rising from £1,524 to £1,819.

Only West Ealing bucks the trend, with a 10% drop in rents, from £1,953 to £1,754.

Across Greater London, Goodlord’s rent index reveals that rents have risen by 25%, from £1,674 to £2,088.