We’ve released our latest Property Hotspots Index, charting demand for property across each of London’s 280 tube stations. The research shows that on average, property demand across the tube network is at 35%, down -3% year on year.
Biggest increases in the last six months
During the last six months the demand in property has changed across the tube network. Although not at our top spots for demand, the following areas have seen the biggest increase.
With the approaching completion of the Crossrail project, some of the biggest year on year changes are located in the West London pocket around Ealing Broadway and Acton Main Line. Both of which will serve as Crossrail terminals. This Crossrail benefit is also evident in the biggest climbers over the last six months with North Ealing (+33%) and Park Royal (+15%) both seeing some of the biggest increases.
Elsewhere in Zone 3 there has been a strong demand growth in parts of North West London along the Northern line. Just one stop apart, East Finchley (+32%) and Highgate (+17%) have seen a healthy increase in property demand. However, the biggest increase in the last six months has been Golders Green, where demand has risen by +81%. This is almost a complete turnaround in comparison to last year’s slump in the market.
Over the past six months, property demand in Zone 1 has dropped by -27%, with 90% of the tube stops in the zone seeing a drop. However, there are a select few where demand is up. Euston Square (+49%), Euston (+49%) and Russell Square (+25%) all feature in the top 10 biggest increase within the last six months. All in the borough of Camden, these areas fall under the Euston Area Plan, (EAP) and are due to benefit from extensive on going development into houses, shops and schools as a result.
Euston is one of London’s key commuter hubs with mainline connections to Birmingham, Manchester, Glasgow and other stations in the north west of England and Scotland. The area is also served by numerous buses connecting it to the rest of London. With an average house price of £1.1 million it’s not what you might call affordable, however it offers very good value for those searching for a zone 1 property, no doubt the driving factor behind the increasing demand over the last six months.
The 7th and 8th biggest increases in property demand across the tube network are Parsons Green with an increase of +20% and Woodside closely behind at +18%. They complete the top 10 as the only entries from Zones 2 and 4.
However, despite Euston Square, Euston and Russell Square’s appearance in the top 10 climbers in the last six months, all of the current biggest drops for property demand in the same time period are located in Zone 1. Tower Hill (-70%) , Edgware Road (-59%) and Tottenham Court Road (-59%) are the top three biggest fallers on the underground at present, closely followed by Mansion House (-55%), Hyde Park Corner (-50%), Blackfriars (-50%), Green Park (-47%), London Bridge (-47%), Southwark (-46%) and Bond Street (-46%). Tower Hill, Tottenham Court Road, Hyde Park Corner, Green Park and Bond Street also receive the undesirable accolade of making the top 10 biggest fallers year on year.