25 Apr

Boris bikes influences rents

Boris bikes influences rents

A survey has revealed that the presence of Boris bikes could be pushing up rents in areas of the capital.

Since the public cycles were introduced to the streets of London in 2010, research suggests they have helped increase rents in districts covered by the transport initiative.

The study was conducted by Benham and Reeves Residential and focused on the rents of 200 homes in areas such as Walsworth, Sands End and Haggerston.

Such areas were classed as less desirable before the bikes were introduced because they had a more than ten-minute walk to the nearest underground station.

Director at Benham and Reeves Marc von Grundherr explained: "Over the space of two or three months, I had a couple of tenants saying I don't want to rent in that street, I want to rent in this street.

"They said it's because there is a bank of bikes next to the property. I started to think whether there was a correlation between the bikes going in and price increases."ADNFCR-1222-ID-801715097-ADNFCR

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