Work on the long awaited, much delayed, and very expensive Crossrail line is in its final stages, and the new service is expected to open by the start of next year.
Crossrail will slash commuting times into central London, the City, and Canary Wharf.
Renters who want to take advantage of the new services have a choice of almost 30 different stations with commutes to the West End ranging from two to 41 minutes.
Average rents vary wildly too – to live in Farringdon, just four minutes by Crossrail to Bond Street, will cost an average £2,330pcm according to new research published today by Hamptons.
Best Crossrail stops for rent savings
If you are willing to spend 15 minutes underground, however, you could head for Stratford or West Ealing, and pay £1,740pcm or £1,760pcm respectively. This works out at a saving almost £45 per extra minute on a train.
If you are up for a 20 to 25 minute commute then your savings will get even more significant. The average monthly rent in Woolwich, 21 minutes from Bond Street, comes in at £1,510pcm, while from Abbey Wood, a 25 minute hope away, you would expect to pay £1,100pcm.
If you are after a home somewhere a little greener and less urban then you can look towards the eastern tip of the line where prices start to rise again. A home in Gidea Park or Harold Wood, would cost an average of around £1,300pcm.
Now could be a good time to think about a change of scene for London’s renters because costs are falling according to research by Rightmove. It found that rents across two thirds of the capital are now lower than in March 2016, with prices dropping by an average 7.8 per cent during the pandemic.
The report found that it takes an average of 24 days to find a new tenant for a property in London – far slower than in other parts of the UK, including the South East where it takes an average of 18 days.
The rental market is particularly slow in central London as renters have been driven out by the series of lockdowns.
Where to save on rent by moving down the Elizabeth line
Minutes to Bond Street
Average monthly rent