Property price growth along Southern Rail network slows
Average property value growth year-on-year along the route is down 6.1 per cent
The commuter towns of Lewes, Wallington and Arundel have seen the biggest declines in year-on-year growth
Properties in key Southern Rail commuter town of Tonbridge take over two weeks (16 days) longer to go under offer than the regional average
New data from Zoopla reveals that property value growth in towns located along the Southern Rail network has slowed by two thirds in the last 12 months, when compared to the year before the network’s strikes began.
Zoopla analysed year-on-year property value growth rates in towns across the Southern Rail network, comparing performance over the past 12 months – since strikes began – to the previous year. The data reveals that property value growth in towns along Southern Rail routes has decreased by an average of two thirds in the last year - down from 9.11 per cent (April 2015 – April 2016) to just 3.01 per cent (April 2016 – April 2017).
Whilst property value growth rates are slowing across the board at a national level, with year-on-year growth in Britain up just 2.48 per cent in the past 12 months versus 6.63 per cent in the previous period, growth is dropping faster in the South East region. Homes in this part of England, served extensively by the Southern Rail network, have risen in value by 3.83 per cent over the past year – down from 10.62 per cent the year before.
Overall, 91 per cent of towns along the network have seen a decrease in property value growth rates since the strikes began. Topping the list of Southern Rail towns that have experienced the biggest drop in average property value growth is Harrow, where year-on-year growth since the strikes began is down 18.5 per cent. This Greater London town is followed by Lewes, where growth has fallen by 16 per cent, and Wallington, which has declined by 15.7 per cent.
Zoopla also analysed a data sample of Southern Rail towns to see how long on average it takes for properties along the network to go under offer. Riverside town, Tonbridge, is the slowest, taking over two weeks (16 days) longer to receive offers than the regional average.
Lawrence Hall, spokesperson for Zoopla comments: “The Southern Rail strikes have been well documented over the last year and the ongoing dispute appears to have taken its toll on property values along the line. Growth in values is slowing nationwide year on year, however the South East, and specifically locations along Southern Rail lines, are slowing at a faster rate.
“Whilst values are still rising in popular commuter belt areas, albeit at a slower rate, talk of further strikes may be exacerbating the situation.”
Top 10 Southern Rail stations where y-o-y property value growth has slowed the most
Rank | Station(s) | Value growth from 2015-2016 (%) | Value growth from 2016-2017 (%) | YoY growth difference (%) |
|---|---|---|---|---|
1 | Harrow and Wealdstone | 16.01 | -2.51 | -18.53 |
2 | Lewes, Cooksbridge, Glynde | 12.39 | -3.55 | -15.95 |
3 | Wallington, Hackbridge | 16.40 | 0.69 | -15.70 |
4 | Arundel | 11.75 | -2.47 | -14.21 |
5 | Burgess Hill, Wivelsfield | 13.08 | 0.15 | -12.93 |
6 | Thornton Heath | 13.69 | 0.83 | -12.86 |
7 | East Grinstead | 10.16 | -2.69 | -12.85 |
8 | Bosham, Chichester, Fishbourne | 12.60 | 0.25 | -12.35 |
9 | Lancing | 14.05 | 2.18 | -11.86 |
10 | Tonbridge | 14.25 | 2.83 | -11.41 |
Top 10 Southern Rail stations where time under offer is above regional average
Rank | Station(s) | Average time to go under offer | How many days longer to go under offer compared to regional average (46 days) |
|---|---|---|---|
1 | Tonbridge | 62 | 16 |
2 | Tadworth | 55 | 9 |
3 | Fareham | 54 | 8 |
4 | Harrow and Wealdstone | 54 | 8 |
5 | Thornton Heath | 54 | 8 |
6 | Bognor Regis, Barnham | 52 | 6 |
7 | Hove, Aldrington | 50 | 4 |
8 | Beckenham Junction, Birkbeck | 50 | 4 |
9 | Guildford, London Road Guildford, Clandon | 50 | 4 |
10 | East Grinstead | 49 | 3 |
Source: Zoopla, April 2017
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