Rightmove's "East London Line effect"

The Rightmove House Price Index was widely reported yesterday, with the coverage suggesting that the effect of the East London Line would insulate homeowners from the worst effects of the price drops across London.

This claim seems to have been made on the basis that Hackney, Islington and Southwark(?) are among the least-worst performing Boroughs in London. But while the ELL will bring major benefits to Hackney, it seems doubtful that the ELL could have any significant impact on house prices across Islington; a large borough with plenty of connections already. Likewise, Lewisham (-5.2%) and Croydon (-5.3%) both recorded falls in line with the London-wide average.

So, it seems doubtful that the ELL is currently having any great effect on local houseprices, which is hardly surprising given that house price movements are being driven by an implosion in the mortgage market. Rightmove, nonetheless, said that:

"Areas with Olympic-linked pending transport links are forecast to be the best hedge against price falls."