London homebuyers pays £20k premium to live near station

| July 20, 2010 | 0 Comments

London homebuyers are prepared to pay a considerable premium to be close to a Tube or train station, according to research from Nationwide.

A property 500m from the nearest station is likely to cost 7% (typically £20,300) more than a similar home 1,500m distant.

Premiums increase as you move closer towards a station: for example, an identical property located 1,000m from a station would command a 3.4% premium, whilst at 750m this increases to 5.2%.

The study also revealed that access to rail transport is generally very good within Greater London, with 93% of properties located within 1,500m of a station.

For Inner London, where the Tube predominates, the best served boroughs include Camden, Islington, Tower Hamlets and Westminster, where the average distance from the nearest station is less than 500m.

Commenting on the figures Nationwide’s chief economist, Martin Gahbauer, says: “Thirty-four per cent of Londoners usually use either National Rail or London Underground services to travel to work, compared to 8% for Great Britain.”

He adds: “The figures suggest that while homebuyers would prefer to live close to a station, it becomes less important once outside easy walking distance.”

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