Southern rail strikes hit house prices
Commuters are getting hit twofold by the ongoing Southern rail dispute. Not only are the recent rail strikes disrupting their journeys but now the strikes are actually having an effect on the value of their properties as well.
According to eMoov, an online estate agent, house prices are growing slower around stations on Southern Rail lines than England as a whole. House prices in these areas have reached just 6.5% over the last 12 months compared to the national average of 7.6%. This shows that the Southern rail disputes have caused some house prices to grown at a slower rate of 1.1% lower than the national average.
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 to come up with this result.
The Mainline West section and the Coastway of the network have been hardest hit, with prices growing just 0.2% in the last six months.
The Founder and CEO of eMoov, Russell Quirk, said:
“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, canceled trains and long delays have had the reverse effect on 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.”