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Southern Rail service problems start to impact house prices

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Written by: YourMoney.com
25/01/2017
House prices along Southern Rail routes have been hit by the poor service and strike action in the last quarter of 2016, according to a new study by HouseSimple.com.

The online estate agent said that property prices along the beleaguered train line have hit the buffers, following a series of strikes by the RMT and ASLEF trade unions.

It found that property price growth since October 2016 along the main Southern Rail routes was less than half the 2.5% growth recorded across the rest of the UK – less than 1% along the Brighton Mainline, Mainline West and East routes.

Just four locations along the three main Southern Rail routes – Hove, Shoreham-by-Sea, Bishopstone and Seaford – saw price growth above 1.3% since October, said HouseSimple, while prices in Pulborough (0.5%) and Lewes (0.43%) have hardly moved over the past three months.

Alex Gosling, CEO of the estate agent, said: “House price growth along Southern Rail routes has crawled along over the past three months as many areas of the country have seen strong growth.

“Although December is traditionally a quieter month for property sales, it’s likely that the ongoing Southern Rail dispute is playing a major role in this slowdown in house prices in local markets, as prospective buyers will have understandable concerns over the reliability of the service. Until the dispute is resolved, buyers may not want to commit to a purchase.”

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