This Sunday the streets of London will be overrun by a horde of runners and comical outfits, tackling the length and breadth of the capital for the 2016 London Marathon.
Some 38,000 people will take to the streets of the capital to run the 26.2-mile course, taking in a number of London’s iconic landmarks along the way. However, for many this is as close as they will come to a piece of London property due to the increasing unaffordability of living in the capital.
In fact, based on the current London average house price of £530,368, each runner would have to raise £20,243 for every mile ran, just to get a foot on the London ladder. Either that or each of the 38,000 participants could bring £14 each and joint own one London property.
As the runners gather at the start line in leafy Greenwich Park the price per a mile will have decreased slightly, as with an average house price of £532,208, Greenwich is marginally cheaper than the London average and would require £19,969 per a mile to secure a property there.
As the runners round mile markers two through four, Woolwich will offer them the cheapest price per a mile across the entire route. Just £11,103 would be needed for each of the 26.2 miles in order to purchase a property in Woolwich.
At the ten mile mark the property price per a mile shoots back up to £19,401, as the route winds its way through Rotherhithe, home to an average house price of £508,321.
As the runners prepare to cross the Thames the last area south of the river they pass through is Bermondsey. With an average house price of £546,974, A Bermondsey property will set you back more than the London average and a hefty £20,876 for every mile of the marathon ran.
Canary Wharf & Isle of Dogs
Unfortunately, things north of the river aren’t any better and a property in Canary Wharf will still cost you £19,367 per a mile. This does drop to £18,469 as the runners hit mile marker 16 and the Isle of Dogs, but this is still a substantial number of bake sales to secure a property in the area.
As each runner wearily makes their way towards prime central London and the finish line the property price per a mile starts to pick up the pace. With an average house price of £934,115 it would cost each runner £35,653 to secure a property in Monument for every painstaking mile of the route.
But as expected, nowhere across the entire marathon would cost more per a mile than the leafy finish line of St James’s Park. As they cross the finish legs and lungs will no doubt be screaming, but this pain is dwarfed by the realisation that for every mile they have just ran, it would cost just shy of £100,000 (£94,581) to afford the average property in St James’ (£2,478,034).
As well as our research on the London Marathon’s property price per a mile, we had further research on property prices along the route featured in City AM.
You can check out the full article here.