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.
London’s inner zones fared worse over the last year, with demand down -20% in Zone 1, the largest drop across all zones, with demand also down -12% in Zone 2.
However it’s not all bad news for those living around London’s underground stations, there are a number of hot pockets where demand has increased considerably over the last year. Zones 3 (+18%) and 4 (+8%) have both seen an increase in demand for property since this time last year, with Zone 3 also home to six of the top 10 stations enjoying the biggest growth in demand.
Biggest Climbers Year on Year
The impending arrival of Crossrail has had a positive influence on the areas of West London due to benefit from the project. Park Royal has seen the biggest increase in property demand across the tube network, up +113% compared to last year. Hanger Lane has also seen demand increase +73% since 2015, the third largest across all tube stops.
Hanger Lane lies less than three miles from both Acton Mainline and Ealing Broadway with Park Royal also situated just over a mile away from each. Improvements at both Acton Mainline and Ealing Broadway have already started ahead of Crossrail’s completion in 2017, however the positive knock on effect to the surrounding property market seems to have already begun.
Over the last six months alone, North Ealing has also seen one of the largest demand increases around the station, with demand up +33%, one of the largest across the network in this time frame (4th).
Golders Green has seen the second largest increase in property demand year on year up +86% and the largest increase over the last six months (+81%). A clear indicator that the area has recovered from a slump in demand felt during 2015, with the average price also up +7% in the last year.
Other than the Crossrail overlap, East London is home to the majority of stops that have enjoyed the biggest increase year on year, with Chigwell (+45%), Upton Park (+44%) and Upminster Bridge (+42%) all enjoying a strong uplift in demand.
There are also signs of positivity south of the river with demand in Colliers Wood up +57%.
Biggest Fallers Year on Year
Unfortunately for Zone 1, it plays host to all 10 of the year’s biggest fallers where demand is concerned and, the majority of tube stops in Zone 1 (87%), have seen demand drop over the year.
Tower Hill (-59%), Tottenham Court Road (-58%) Hyde Park Corner (-56%), Green Park (-56%) Knightsbridge (-51%), Bond Street (-47%), Piccadilly Circus (-45%) and Oxford Circus (-43%) have all seen demand plummet over the space of a year. Not only this but each of the for mentioned also make the undesirable cut of the top 10 coldest spots on the tube network, not good news for homeowners looking to sell around each stop.
These freezing cold pockets are joined by St James’s Park and Vauxhall, who complete the top 10, with demand at -42% and -41% respectively.