Property in London Underground impacting market
The London Underground can have a significant impact on property prices near stations, particularly those that are centrally located, new research shows.
Zone 1 prices on the Victoria Line are five times that of Zone 3 and the most expensive area on the line is Green Park where average asking prices are £2.17 million, according to the research from Globrix.
There is a £1.97 million difference in the average price of properties along London Underground’s Victoria Line that runs from Walthamstow Central to Brixton.
With a journey time of just 24 minutes between Walthamstow Central and Green Park the difference in house prices along the way is equivalent to £81,200 a minute.
The most affordable properties near the Victoria Line are in Zone 3, around Tottenham Hale, where asking prices average £204,000, around five times less than Zone 1, where prices average £1.1 million. Prices in Zone 2, which includes popular areas such as Brixton, Highbury and Islington and Finsbury Park, average £366,000.
However, not all central areas are as pricey as people might expect. In Oxford Circus, home to Europe’s busiest shopping street, asking prices average £865,000, which is lower than other Zone 1 areas like Victoria and Warren Street, probably because of the small number of residential properties in the area, many of which are flats.
‘Londoners are obsessed with tube stations and the impact of these on property prices, particularly centrally located ones like many of the stations on the Victoria line. Living close to a tube station has huge cache and the more central the better,’ said Jennifer Warner from Globrix.
‘On the Victoria line the price differences are huge because it starts in first time buyer territory around Tottenham Hale but then passes under some of the capital’s most expensive postcodes including millionaires’ Mayfair,’ she added.