"Rental growth along the route has far exceeded the wider London average since the line launched, which is saying something in a rental market as widely competitive as the capital"
- Marc von Grundherr - Benham and Reeves
Rental prices around the Elizabeth line have risen faster than the wider London market since the route fully opened in May 2023, according to new research from London lettings and estate agent Benham and Reeves.
The analysis found that rents near Elizabeth line stations have climbed by an average of 13.3% compared with 10.1% across the capital, with some commuter towns seeing growth of more than 40%.
Benham and Reeves examined rental data across every postcode containing an Elizabeth line station, comparing current values with those recorded when the service became fully operational.
The findings reveal that tenants now pay an average of £2,122 per month to live near an Elizabeth line stop. Only two areas have seen rents fall, while several stations, particularly those outside London, have recorded striking increases.
Areas beyond the capital’s boundary have seen average rents rise by 14.6%, marginally higher than the 12.9% growth across London-based stations.
Commuter towns dominate growth rankings
Iver in Buckinghamshire recorded the strongest increase, with average rents across the SL0 postcode up 40.9% since May 2023. Reading followed closely, with the RG1 postcode seeing a 36.7% rise, while Chadwell Heath in east London posted a 32.3% uplift, the highest increase among the capital’s Elizabeth line locations.
Paddington’s W2 postcode also saw notable growth, with rental values up 30.4%. Other high-growth areas included:
Gidea Park (+22.6%)
Langley (+19.7%)
Whitechapel (+19.0%)
Forest Gate (+18.4%)
Goodmayes and Seven Kings (+18.2%)
Manor Park (+17.6%)
Hayes and Harlington (+16.7%)
Abbey Wood (+15.3%)
Harold Wood (+15.3%)
Within central London, desirable locations such as Tottenham Court Road and Bond Street (both in W1) recorded 14.6% rental growth, while Liverpool Street’s EC2 area saw a 12.7% rise.
Only two stations experienced declines: Twyford in RG10, where rents fell 8%, and West Ealing in W13, which recorded a marginal 0.2% decrease.
“The Elizabeth line has completely reshaped rental demand across large parts of London and the South East, connecting tenants to central London far faster and more conveniently than ever before,” said Marc von Grundherr, director at Benham and Reeves. “As a result, rental growth along the route has far exceeded the wider London average since the line launched, which is saying something in a rental market as widely competitive as the capital."
“Areas beyond the capital, such as Reading and Iver, have seen particularly steep growth as tenants look to balance commuting convenience with relative affordability, but even within London, rental prices in postcodes along the Elizabeth line have continued to climb at astonishing rates."
“This growth demonstrates just how important a convenient commute is to those looking to rent in and around the capital and, with a migration back towards the physical workplace, this growth is likely to continue.”
