Properties close to tube 'cost 21% more'
London house prices in close proximity to Tube stops are on average 21 per cent more expensive than property further away, it has been claimed.
HotProperty.co.uk released a report indicating that property near Tube Stations was often the most sought after for both renters and buyers, but that the those seeking to purchase were often sent much further away by mortgage prices.
The report claimed that on average an additional £80,000 had to be factored in to house purchases within five minutes from a Tube, compared to property 30 minutes walk away.
HotProperty.co.uk managing director Shawn Luetchens said: "These results suggest a significant proportion of people are willing to sacrifice being close to a Tube station in order to be able to afford a property in London.
"Walking an hour to get a to a Tube station seems an extreme measure, however with mortgage affordability at an all time low and little relief in sight, people are having to make compromises."
While some home-seekers are compromising on location, others find that renting is a more viable option, allowing them to remain close to transport links without spending unaffordable amounts on mortgages.
Published 4th December, 2007
© 2007 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
London house prices in close proximity to tube stops are on average 21 per cent more expensive than property further away, it has been claimed.