30
Oct
Homes near Tube are 21% more expensive
Rising prices for properties located near a stop on London's Tube
network is prompting more and more buyers to consider property
further afield, it has been revealed.
According to figures from HotProperty.co.uk, homes within
five-minutes walking distance of a tube station are up to 21 per
cent more expensive than those of similar properties further
away.
This equates to a disparity of an average of £80,000.
The result of this is that Londoners are looking at properties
further away from stops on the network - with one in eight saying
they would consider homes up to 30 minutes' walk away.
Moreover, just under one in 20 would be prepared to move more than
an hour's walk away.
Shawn Luetchens, managing director of HotProperty, 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."
