INVESTORS and buy-to-let landlords with properties along the Elizabeth Line are benefitting from rent increases that are double the London average, according to new research.
Annual rent outgoings have risen by £2,000 along the route of the Crossrail project over the past six years, according to data compiled by peer-to-peer lender Landbay.
Overall rental growth has been strongest on the east side of the Elizabeth Line.
However, Southall in west London has shown the biggest increase with rents up 38.2 per cent since 2012.
“The Elizabeth Line will improve access to the centre of London for thousands of commuters, but it comes at a premium for renters,” said John Goodall, chief executive of Landbay.
“The prospect of better transport links is creating higher demand for property in these areas.
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“As a result, house prices and rents alike have increased, which for many landlords is an attractive proposition due to the prospect of extra return on investment.”
The £15bn Crossrail project is one of the UK’s biggest transport infrastructure developments.
The Elizabeth Line, which will open to commuters in Autumn 2019 has had major economic impact on many areas along the line.
The Landbay Rental Index showed that areas to the east of zone 1 have seen the largest rent rises, on average inflating by 17.2 per cent since 2012.
Meanwhile, areas to the west of zone 1 have seen growth of 15.4 per cent while the London average is 8.2 per cent over the same period.
Manor Park and Romford show the largest increases in the east of the capital, with rents up 37.2 per cent and 30.5 per cent respectively.
However, Canary Wharf, Maryland and Taplow have all seen falls in rent since construction began six years ago.