Southern rail strikes hit property prices

House values fall in commuter towns as long-running dispute cripples travel

HOUSE prices have stalled or even started falling in many commuter belt towns served by Southern Railway after a year of crippling strikes, new research shows.

The worst affected area is the usually desirable market town of Lewes in East Sussex, where prices have fallen by 3.6 per cent over the past year, compared with growth of 12.4 per cent in the previous 12 months.

Services from Lewes to London average 1hr 14mins to Victoria on the normal timetable but have been ravaged by the industrial action, which “celebrated” its first anniversary this week.

Prices in Arundel, West Sussex, have also reversed during the dispute between operator Govia Thameslink Railway and the RMT and Aslef unions.

According to data from property website Zoopla, property values in the town are down 2.5 per cent compared with a rise of 11.8 per cent the year before. The average journey to London is normally 1hr 24mins.

Falls have also been seen in East Grinstead, West Sussex, and prices have barely moved in Wallington and Thornton Heath on the southern outskirts of London, and in Burgess Hill and Chichester in West Sussex.

Across the region served by Southern price growth has slowed by 67 per cent, from 9.1 per cent to three per cent. That is more than the 64 per cent fall, from 10.6 per cent to 3.8 per cent, experienced across the South-East.

Overall, 91 per cent of towns served by the Southern network have seen a slowdown in property value growth rates since the strikes began.

Industrial action over the introduction of driver-only operated trains started on April 26 last year. Almost 60,000 services — about 160 a day — have been hit. It is the worst disruption on the railways since 1994.

Zoopla spokesman Lawrence Hall said: “The strikes have been well documented over the past year and the ongoing dispute appears to have taken its toll on property values along the line. Growth in values is slowing nationwide year on year. However, locations along Southern rail lines are slowing at a faster rate.”

Southern said: “We’re deeply sorry for the disruption passengers have faced during a year of unnecessary industrial action, and the effect this has had on the local economy.

“We are now running over 90 per cent of our trains during RMT strikes and punctuality has improved on Southern five months in a row. We’re focused on resolving this dispute.” @JonPrynn