Homeowners across Southern Rail network face extra misery

Published by Hannah Nemeth on 10 January 2017.
Last updated on 10 January 2017

On strike

The first of six 24-hour strikes planned by Southern train drivers is now under way, but it’s not just commuters who are suffering.

Homeowners across the Southern Rail network have seen the prices of their property rise at a slower rate than the rest of England, new research has revealed.

Analysing data from Zoopla, online estate agent eMoov has researched the average price paid and the change in value of properties around each railway station across the Southern Rail network.

Comparing each of the nine lines on Southern Rail to price growth across England, it found that house prices across the country have increased by 7.6% in 12 months, but for those living across the Southern Rail network prices rose by 6.5% in the same period.

 

Over six months, this disparity is even more marked. Prices went up by 3% across England but by just 1.4% across homes along the Southern Rail network.

According to Zoopla data, the average price of a property across the network is £447,539, compared to £281,056 in England, meaning homeowners along the network have had a double whammy of paying more for their properties, but seeing reduced house price growth.

Russell Quirk, founder and chief executive of eMoov.co.uk, says: “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,” he adds.

Southern Rail Line Average House Price 12 Month Change Six Month Change
Brighton Mainline £581,714 5.8% 1.5%
West London £631,539 6.5% 2.2%
Metro £515,779 7.0% 1.4%
Oxted £562,599 6.8% 2.4%
Redhill £451,353 7.9% 3.1%
Mainline West £386,305 5.4% 0.2%
Mainline East £387,513 5.7% 0.7%
Coastway West £300,065 5.7% 0.2%
Coastway East £304,281 5.6% 0.8%
All Lines £447,539 6.5% 1.4%
England £281,056 7.6% 3%

Source: Zoopla Z-Index, 6 January 2017

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