The South London neighborhood where people flock for cheap rent and access to the Elizabeth line

New data has shown that people are increasingly looking at rental properties that are further away from central London so they can benefit from lower rent and access to the Elizabeth line.

Data from SpareRoom calculated which London rental locations were the most searched for in 2023 compared to 2022. The data found that London rental hotspots are Crystal Palace (up 23 places from 90 to 67) , Forest. Gate (up 24 places from 86 to 62) and Abbey Wood (up 41 places from 99 to 58).

With Abbey Wood, property searches in that area have tripled by more than 210% in the past two years. It is the biggest increase on the list until property prices and the new Elizabeth line.

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According to the data, Abbey Wood rents for the three years from 2021 to 2023 cost an average of £796. Zoopla reports that the average rent this year in London as a whole is £2,121. This would explain a mass move to Abbey Wood as it is significantly cheaper than we see for the town as a whole.

Then there is the Elizabeth Line. The new high-speed member of the TfL family has made the area much more attractive to potential tenants as they can get into the city quickly. On the Lizzie line, it takes just 11 minutes to reach Canary Wharf and 18 minutes to Liverpool Street.

MyLondon visited the area last year and spoke to residents who agreed that the new transport links have not only attracted people to Abbey Wood, but have improved the area as a whole. Spencer Roe, an estate agent at Your Move on Wilton Road grew up and still lives in Abbey Wood.

He told MyLondon: “I think the clientele of people wanting to move into the area now, with the Elizabeth line in place, has improved dramatically. A lot of people are moving from London to the Abbey Wood area because of the ease of commuting links into the city now, so it’s grown dramatically.”

Last year, Labor councilor Averil Lekau, Deputy Leader of the Council and Cabinet Member for Climate Change, Environment and Transport, also spoke at MyLondon. She said: “The development of such crucial transport infrastructure supports the wider regeneration of the area, encouraging new housing and business growth and giving local people access to new jobs and opportunities.”

With the new influx of people, there are plans to build even more homes in Abbey Wood to make the most of its popularity. Just this year, MyLondon covered two potential plans for a series of blocks of flats up to 17 storeys high and another 21-storey apartment block.

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