30 Oct

Homes near Tube are 21% more expensive

Homes near Tube are 21% more expensive

Rising prices for properties located near a stop on London's Tube network is prompting more and more buyers to consider property further afield, it has been revealed.

According to figures from HotProperty.co.uk, homes within five-minutes walking distance of a tube station are up to 21 per cent more expensive than those of similar properties further away.

This equates to a disparity of an average of £80,000.

The result of this is that Londoners are looking at properties further away from stops on the network - with one in eight saying they would consider homes up to 30 minutes' walk away.

Moreover, just under one in 20 would be prepared to move more than an hour's walk away.

Shawn Luetchens, managing director of HotProperty, said: "These results suggest a significant proportion of people are willing to sacrifice being close to a Tube station in order to be able to afford a property in London.

"Walking an hour to get a to a Tube station seems an extreme measure, however with mortgage affordability at an all time low and little relief in sight, people are having to make compromises."

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