A special report conducted as part of Nationwide's house price index has found home buyers face a £27,000 premium to purchase a property less than 500 metres from a station, compared with a similar property 1,500 metres from a station.
As you would expect, premiums increase as you move closer towards a station, so a house located 1,000m away commands a 4.1 per cent premium, whilst at 750m this increases to 6.5 per cent and 9.1 per cent 500m from the station. In addition:
- Premiums appear to have increased since 2010
- Properties closest to Circle Line stations are the most expensive, those nearest the Metropolitan Line are cheapest, on average.
Christian Harper of Chiswick estate agent OliverFinn: "The point that hasn't been considered in this report is the fact that stations tend to be at or near the hub of the area. Home hunters place a high value on local amenities,shops, bars and restaurants and it's these facilities that make an area desirable. It's not just about the tube."
"Having said that, if you were to ask 100 buyers if they need to be near a tube, all of them will say yes whether they need it or not. People like to be near a station because it generally means they're near everything else too."
Nationwide House Price Index special
report: London homebuyers pay a significant premium to live close to a tube or train station.
As you would expect, premiums increase as you move closer towards a station, so a house located 1,000m away commands a 4.1 per cent premium, whilst at 750m this increases to 6.5 per cent and 9.1 per cent 500m from the station. In addition:
