With the increasing size of the London Undergrounds infrastructure making the headlines last week, Britain’s favourite on-line estate agent eMoov.co.uk has identified some of the biggest gaps in average house prices when travelling just one stop on the tube network.
Travel via the tube in London and one phrase we are all guaranteed to hear is ‘please mind the gap’. But this phrase could mean more to home-owners in and around the capital than a simple health and safety warning when exiting the carriage.
eMoov.co.uk have highlighted the difference in price just one stop can make when buying or selling a property in London and the locations where an additional five minutes on the tube can save you more than just a pretty penny.
Those with their sights set on a Zone 1 post code could save £1m just by moving to the other side of Mayfair. It only takes four minutes on the Jubilee line from Bond Street to Green Park but by making the move buyers could make a saving of £1/4m a minute. They could also see the demand percentage of their property increase by 5%, as the allure of popping to the Ritz for afternoon tea makes Green Park a more desirable location than Bond Street in which to reside.
The escalated price tags in the very centre of London result in the jump from Zone 1 to 2 being some of the highest in the capital, regardless of the line you choose to live on. By moving one stop from Vauxhall to Stockwell in Zone 2 you can save yourself nearly £300k and benefit from a 6% increase in the demand for your property.
On the other side of Stockwell, Brixton has undergone vast improvement but still has an average property price of just £500,000 in comparison to Stockwell (£992,298.00). However with demand for property in Brixton 18% higher, it might not be too long before we see the £4-500,000 difference spill over from Stockwell to the surrounding areas.
Towards the North East end of the Victoria line a jump of one station from Kings Cross to Highbury & Islington can not only save you nearly £400k but also see the demand for your property increase by 13%. Property in Seven Sisters has also seen a resurgence with the potential development of the Cross Rail project. With property in Seven Sisters £177k cheaper on average than Finsbury Park and demand for property 9% higher, even the far North East end of the Victoria line is a promising prospect for those looking to buy.
The gap between Hampstead and Golders Green can save you just over £250k. This said it is one of the rare examples where demand for property is actually higher in Hampstead (11%) where the average house price is greater than in Golders Green.
It is a similar story at the other end of the Northern line. A stop either side of South Wimbledon can save you in the region of £160-£190k. However demand for property in South Wimbledon is 18% higher than Colliers Wood regardless of the lower price tag. So if you are going to pick a stop either side of South Wimbledon, choose Morden, at 50% demand it equals South Wimbledon but at a substantially lower price tag.
The gap between Finchley Road and Wembley Park might not be the largest in terms of price gap but it is certainly one the largest in terms of physical distance. This distance between the two stations not only spans Zones 2 to 4 but also results in a change in the average house price of over £600,000.
Founder and CEO Russell Quirk commented “Savvy buyers looking for the next Tube Hotspot should consider where new gaps could appear along the network, such as the Northern line extension to Nine Elms and Battersea in South London. Over the next few years these locations and there surrounding areas will see a dramatic rise in house prices and demand as they open the new service.”