We all know that while many factors influence the price of property in the UK, and especially in London, but some elements are more impactful than others. Transport is vital in the capital, and it has long been suggested there is a premium to be paid for homes close to stations.
We are pleased to say there are reliable transport options in the local area, including:
· Finchley Central
· West Finchley
· East Finchley
These stations play a role in making Finchley more attractive. We believe there is a great deal to like on your doorstep in this part of the capital. However, knowing you can make your way around London quickly and easily is a great boon for the local area.
Transport makes life easier for many households
A new study by Nationwide focuses on the “transport effect” on property prices, and it is still a critical factor in the housing market.
In the capital, a property found within 500 metres of a railway station or Underground line carries a significant premium compared to a property found 1,000 metres away. A similar phenomenon is found in Glasgow and Greater Manchester. This indicates that it is not solely a London issue, but it is something that is keenly felt in the capital.
Does local transport matter to you?
Nationwide’s Andrew Harvey says: “The pandemic does not appear to have reduced the desirability of being close to a station in London, despite reduced public transport usage. Indeed, our analysis suggests the premium has actually increased slightly compared with pre-pandemic levels. We’ve also seen a noticeable increase in the premium to be located close to a station in the Greater Glasgow area, but in Greater Manchester, homebuyers appear to be placing a little less value on being close to a rail or tram stop compared to before the pandemic.”
The study finds a property within 500m from a London station carries a 9.7% premium, and for average prices in London, this equates to around £46,800.
A property found 1,000m away carries a 4.3% premium, and at 750m, the premium is 6.8%.
Andrew Harvey also said; “Our analysis suggests that there has actually been a slight increase in station premiums in London compared with pre-pandemic levels. In 2019-20, a property located 500m from a station attracted an 8.6 per cent premium over a comparable property 1,500m from a station. The Circle line serves the capital’s most expensive areas taking in much of central London and also parts of west London. Average house prices are around £850,000 in areas where the nearest station is on the Circle line. Of all the London Underground lines, average house prices are least expensive where the nearest station is on the Metropolitan line. This probably reflects that it stretches towards the outer suburbs, with only a short section in central London.”
· In Glasgow, the premium is 7.2% (or £11,400) compared to property located 1,500m from a station.
· In Greater Manchester, a property located 500m from a station carries a 6.1% premium, which equates to around £11,000.
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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