London homebuyers are increasingly paying a premium to live near a tube or train station, new research shows.
The average is an extra £42,000 for a property 500m from the nearest station, compared with a similar property 1,500m (1.5km) away – or an extra 10.5 per cent.
That’s up from 2012 when the average premium was 9.1 per cent. Just 6 per cent of London properties are more than 1500m from a station, according to Nationwide.
Best connected boroughs
Nationwide chief economist Robert Gardner says: “Excluding the City of London, Camden is the borough best served by the tube and rail network, with 85 per cent of properties within 500m of a station.
“Whilst Camden has always benefited from a high density of tube stations, it has also recently seen improved rail services thanks to London Overground. However, it is also one of the most expensive areas of the capital, with average prices currently around £843,000.
“Havering, Bexley and Barking & Dagenham are amongst the least connected boroughs, with fewer than 20 per cent of properties within 500m of a station. Average house prices tend to be lower in these areas, but this also reflects that they are further away from central London.
“Amongst the outer boroughs, Brent stands out as having good transport connections, with more than 50 per cent of properties within 500m of a station.
“Brent benefits from access to a number of tube lines, with the Metropolitan, Jubilee, Piccadilly and Bakerloo all passing through.”
The Circle line serves the capital’s most expensive areas, with average house prices are over £800,000 in areas where the nearest station is on the Circle line, Gardner says.
