Take Tube into town and house prices rise £150,000 a minute

 
Mira Bar-Hillel17 July 2013

It is well known that proximity to a Tube station means added value to your home. But now research has calculated that house prices increase minute by minute along an Underground journey.

For example, it takes six minutes between Earls Court and Sloane Square and the stops are at Gloucester Road and South Kensington. For each of those six minutes property prices rise by £96,647.

For even sharper increases, travel the three stops from Southwark (via Waterloo and Westminster) to Green Park and prices increase by £152,640 for each of the eight minutes of that journey.

And for a similar trip from Vauxhall to Green Park, seven minutes via Pimlico and Victoria, the price will rise by £229,286 at every stop and £110,000 per minute.

“The effect is particularly striking just east of the Northern Line’s Charing Cross branch where values to the west average more than £1million, but to the east can be half that amount,” said Mayfair estate agent Peter Wetherell.

His company, Wetherells, has worked with Dataloft property consultancy to produce the first London Underground property map based on sales and rental values of two-bedroom flats within a quarter-of-a-mile of the Tube stations in Zone 1.

“Our map shows people that you can buy comparative value in the cheaper priced areas but still get into the high-end area quickly,” he said.

Ranked by property values, Knightsbridge is London’s most expensive Tube station (two-bed flat average price £2.67 million). Others in the top 10 include Hyde Park Corner by Belgravia (£1.71million); Sloane Square (£1.44 million); Green Park in Mayfair (£1.27 million); High Street Kensington (£1.19million); and Regent’s Park (£1.18 million).

In Zone 1, the Piccadilly Line is London’s most expensive with a two-bed apartment at £1.36 million. This is followed by the District (£1.06 million), Circle (£1.02 million) and Central (£995,452).

The Victoria Line has an average value of £760,861, and on the Northern it is just £613,890.

Mr Wetherell said: “People talk about postcode power, but from our new map it’s staggering to see a few stops along a Tube line can mean hundreds of thousands of pounds or even millions on property prices.”

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