Premium for Londoners to live near rail station, research finds
Londoners are paying a premium of £42,700 to live near a train or tube station, according to new research. A property in the capital that is within 500m (0.31 miles) within a station is 8% ore expensive compared with one that is 1,500m (0.93 miles) away, Nationwide has found.
By comparison, the premium is just 4.9% (£10,900) in Manchester 4.6% (£8,800) in Glasgow, its research has revealed.
Properties close to stations on the Circle line command the highest premium of any tube line with an average house price of £729,000. The further away from a station, the more gradually a property’s price goes down. At 500m away, it is 8% more expensive, falling to 5.6% at 750m, and just 3.5% at 1km away.
It takes around six minutes to walk 500m, creating a trade-off for commuters when it comes to the price paid for a house and the time spent getting to the nearest station.
“London homebuyers continue to be willing to pay a significant premium for being close to a station compared with those in Glasgow and Manchester,” Nationwide senior economist Andrew Harvey said. “This likely reflects the greater reliance on public transport in the capital.”
For the study, Nationwide commissioned a survey of 1,000 residents in each of London, Edinburgh, and Glasgow. It found that those in the capital placed the greatest emphasis on good transport links with 80% saying that being close to a station was an important factor in their decision to buy or rent a property.
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