Loss of rail services may knock 15pc off property prices

NATIONAL Rail’s train timetable shake-up could knock as much as 15 per cent off house prices in commuter towns with reduced services, property experts have warned.

Major changes to train times introduced over the weekend have resulted in the number of services stopping at some stations falling by as much as 40 per cent, data shows.

A number of commuter towns surrounding London have lost nearly half of their train services, analysis of National Rail data found, potentially reducing their viability as a place to commute from. Among the worst hit are Preston Park, Leagrave and Flitwick, all of which have seen well over a third of their daily services cut. Mark Hayward, chief executive at the National Association of Estate Agents, said: “By the very fact that these places are referred to as commuter towns, when you reduce their commutability it will have a detrimental effect on house prices.

“Towns served by Southern Rail saw house prices affected when it was disrupted by strikes, and it’s likely that the same will happen in towns badly affected by a reduction in service. The frequency and reliability of trains are paramount to a commuter town’s desirability. Those served well by trains are already on a premium, so they could fall by 10 per cent or 15 per cent in the worst cases.

A quarter of all stations in the UK face reduced services under the timetable changes, losing an average of six trains a day, the data compiled by Opentraintimes revealed.

Overall, the South West was the hardest-hit region with 35 per cent of stations seeing an overall decrease in services. Rail managers say that the changes will create a faster and more regular service.