Southern Rail chaos hits house prices

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House price rises for properties on the troubled Southern Rail network are slowing compared to the rest of the UK, according to research by online estate agent eMoov.

Southern Rail’s decreasing service levels have led to many delays and cancellations as a result of a dispute between management and workers.

EMoov found that average UK house prices rose 7.6 per cent in the last year.

But houses on the Southern Rail network rose by an average of 6.5 per cent.

In the last six months, when Southern Rail service chaos reached its peak, the average UK house price rose 3 per cent. But houses on the Southern network rose just 1.4 per cent.

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An eMoov statement says: “But the salt in the wound is the cost of the property itself. With an average price of £447,539 across the Southern Rail network, homeowners are paying above the odds for their property, only for its potential to be blighted by an external factor such as an inadequate train operator.”

EMoov chief executive Russell Quirk 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.”

EMoov collected the average price paid and value change surrounding each station across all nine of the Southern Rail network lines.

The research looked at the price growth over the last 12 months, as well as the last six, comparing each line on Southern Rail and the network as a whole, to price growth across England during the same time periods.