The London Underground transit system has been an iconic fixture of our capital for well over a century, with stations situated all over the city.
It was interesting to read a recent report from a London Estate Agent who has been looking into property prices in the areas surrounding tube stations, comparing the average purchase and rental price for a two bedroom apartment at 63 stations in the Underground Zone 1 area of London.
The figures have revealed that flats and houses near tube stations which are just a couple of stops apart can differ significantly in price. But, do people actually base their decisions to either rent or buy on the proximity of a tube station?
We frequently have to take into account the differing values when seeking to find a clients’ ideal property. The inflated cost of buying or renting in London is a major consideration for most clients. With so many people opting not to own a car when living in London, transport and the cost plays a more significant role when choosing a suitable location to live.
One of the other major considerations is actual ‘door to door’ time getting to your place of work from home. As an example, if you work in the City of London or Canary Wharf the direct train or transport links that service these locations are a major influence.
There is no doubt London has a wide and varied choice of modes of transportation links including the Underground, over ground train, DLR, Thames Clipper boats, London buses, Black Cabs, Uber Taxis, Santander Cylces, Walking and even Tuk-Tuk’s. The cost and time a journey takes on public transport has become a significant factor and there appears to be a direct correlation between property prices and the convenience of transport links.
Clearly there are some Underground stations within Zone 1 where the prices of property are not related to the distance of any public transportation such as Knightsbridge and Belgravia. Generally, people who can afford to reside in these areas would not be dependent upon public transportation. However, a couple of stations apart, even in Zone 1 can make a difference for the same property and prices do have an impact.
Although it is hard to generalise, it is the areas themselves where there is a demand that drives the property market. Whether it be the leafy open spaces of Clapham Common to the High Street in Marylebone, or Greenwich Village to high Rise Canary Wharf. Clients certainly do have to consider their options prior to committing to buying or renting.
Click here to read the alternative tube map showing the average house price at every station.