House price growth slows across Southern Rail Network

House price growth slows across Southern Rail Network
Strike action, poor service, cancelled trains and long delays have had the reverse effect to property prices on the Southern Rail network

The latest research from eMoov.co.uk, has found that house price growth across the Southern Rail network has increased at a slower rate than England as a whole.

A year ago this month Southern Rail was voted in the top three worst rail providers by commuters. Since then they have undoubtedly become Britain’s most hated with commuters unlucky enough to rely on their service subject to nine months of commuting chaos.
Some employers have already refused applicants using a Southern Rail service as the reality is that they will often arrive to work late.

But not only are commuters’ professional lives being impacted, it would seem property prices along Southern Rail commuter lines are also suffering.

Using data from Zoopla, eMoov collected the average price paid and value change surrounding each station across all nine of the Southern Rail network lines. The research looked at the price growth over the last 12 months, as well as the last six, comparing each line on Southern Rail and the network as a whole, to price growth across England during the same time periods.

The research by eMoov shows that house prices across England have increased by 7.6% in the last year. But for those living across the Southern Rail network, property price growth reached just 6.5% in the same period.

More notable is the difference in growth in the last six months alone. Across England, homeowners enjoyed an average increase of 3% in property values. But those unfortunate enough to live on the Southern Rail network saw the average property price growth fall by more than half, increasing by just 1.4% overall.


But the salt in the wound is the cost of the property itself. With an average price of £447,539 across the Southern Rail network, homeowners are paying above the odds for their property, only for its potential to be blighted by an external factor such as an inadequate train operator.

The worst affected line is Mainline West where prices have increased by just 5.4% in the last year and just 0.2% in the last six months. There is hope for homeowners on Southern’s Redhill line, with prices having increased by more than the average across England both in the last year (7.9%) and the last six months (3.1%).

Russell Quirk, founder and CEO of eMoov.co.uk, commented: “This research really highlights the impact external factors can have on a property’s value in the market. Often, the close proximity of good commuter links into London, in particular, can help increase the asking price of a property.

In this instance, strike action, poor service, cancelled trains and long delays have had the reverse effect to property prices on the Southern Rail network. It is worrying to think that something outside of your control can not only be detrimental to your work life but can also spill over into your personal life as well.

Southern Rail staff must forgive UK homeowners for remaining unsympathetic to their cause when their selfish actions are inadvertently depreciating the most expensive asset they are ever likely to own.”

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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