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Have you been priced out of London’s property market?

Have you been priced out of London’s property market?

A new map released by property portal Emoov has charted the average price of buying a property near all 280 London Underground stops.

Good transport links and living close to a tube stop are at the top of buyers and renters wish list however, the convenience of living close to one appears to come with a hefty price tag.

The most expensive

Zone 1 is by far the most expensive place for property. The average price of a home in this area is £1.2 million. No stop within Zone 1 is priced under half a million pounds.

Aldgate East offers the lowest entry level in Zone 1 with the average property priced at £536,000.

property-map-london

The cheaper end of the scale

It is no surprise that the further you move away from central London; the cheaper properties are. The map indicated that housing in Zones 4 and 5 are the most affordable.

Looking further afield, the price of the average property sits between £237,000 to £240,000 in the London Borough of Barking and Dagenham.

“The tube map is a fascinating way of breaking down the London landscape, especially where property price is concerned… Close proximity to a tube stop will always act as an additional selling point for sellers and in most cases, is justification for a higher asking price,” Russell Quirk com, Founder and CEO of eMoov.co.uk commented.

Quirk also stated that buyers should consider the possibility of buying housing a few stops further out to reduce the price they pay for a property.

Landlords who purchase property for the sole purpose to rent it out may wish to look even further afield than London.

A new report from Experience Invest suggest that landlords should head to cities in the north of England to acquire lower entry level properties and receive better buy-to-let returns. Cities such as Manchester, Liverpool and Leeds have emerged as locations where investors can generate strong rental returns.

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