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House prices hit by Southern Rail strike chaos

Simon Pook, Head of Residential Property

 – If you are one of the many commuters who head out of Hampshire to the city or further afield, not only could you be plagued by the regular strikes on Southern Rail, but if you are thinking of selling your house, you may need to be aware that your sale price may not match that of your expectations.

Misery is piling up for people who live in areas of Sussex, Surrey, Kent and Hampshire along the Southern rail network.

In the middle of another week during which the franchise’s services are all but non-existent for three out of the five working days, new data has revealed house prices are being hit hard by the travel chao.

Online estate agents eMoov, using figures from property website Zoopla, found that while house prices in England as a whole have increased by an average 7.5 per cent over the last 12 months, homes along the rail network only experienced a 6.5 per cent rise.

Over the past six months, during which rail services have been hit by several staff walkouts as part of the ongoing dispute over driver-only services, valuations in England have risen three per cent, but the growth rate in Southern-serviced towns is less than half that.

“Homes along its Mainline West branch, which runs from Victoria to Southampton, were worst hit, with growth over the past year just mustering 5.4 per cent [and] in the past six months… just 0.2 per cent”, says City AM.

With the cost of a typical home across the Southern network being £447,539, buyers are paying double the national average of £222,484 for a home “only for its potential to be blighted by an external factor “, eMoov founder Russell Quirk said.

Nor is it only house prices being hit. Quirk also claimed some employers have refused job applications from people who will use a Southern service “as the reality is that they will often arrive to work late”, says FTAdviser.

He added: “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.”

Source: The Week.

For the full story including other stories on the London property market and house price rises, see: http://bit.ly/2j7bfpx

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