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Monday, December 03, 2007

Most expensive Tube Line for Property

I wonder if Kirsty, Phil or Sarah or anyone else from the growing portfolio of TV shows dedicated to helping us find better homes would make the correct guess of the most expensive London Underground Line to buy a house on. I would have put money on it being the District Line - as its got Richmond, Wimbledon, Fulham, South Kensington and Sloane Square on it. But I'd have been wrong. The Circle Line is the most expensive Tube line with property prices averaging around £1.2 million.

The research came from over 3,500 estate agents listing London properties with FindaProperty.com.

Tube Line and Property Price Analysis

As the Circle line runs exclusively in Zone 1, I suppose I shouldn't have been too surprised about the result. The least expensive stop on the Circle Line is Aldgate, with average property values hovering around £396,000.

The Victoria Line came as the next most expensive line to buy property on, with average prices reaching £1,109,107. Green Park was most expensive stop for property on the Victoria Line with average house prices above £2 million. The least expensive stop was Tottenham Hale.

"We were somewhat surprised to find the District Line appear in the seventh position, given it includes areas such as Fulham, Richmond and Wimbledon and follows the Circle Line through many parts of Central London. It would be interesting to see where the East London Line would rank today if the 2010 extension was already in place." said Michael O’Flynn, from FindaProperty. Apparently the Essex parts of the District Line weakened its overall average.

The Waterloo & City Line came in at last place as there are "minimal residential pockets" around Waterloo and Bank stations.

In other research, I had always thought that it was a benefit to live walking distance from a Tube station. Apparently not if you're after a quick sale as one in eight buyers would consider a property 30 minute's walk, (the equivalent of one and a half miles), away from a Tube station purely because it's cheaper.

Research released by HotProperty.co.uk found that property within a five minute walk of Tube station can be up to 21% (or £80,000) more expensive than a similar property 30 minutes away. The research shows just how much location affects property prices in London; for every five minutes closer to a Tube, house prices increase by 4%.

HotProperty MD Shawn Luetchens said: "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."

However there is some balancing argument as he continued: "Interestingly, however, one in four people were still not willing to buy property that was more than five minutes walk to a Tube. Maybe they would change their minds if they considered that just walking an extra five minutes could save them up to £29,000 on the price of a property?"

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