Building on their latest Property Hotspots data released in December, which highlighted a drop in demand for London property of 28% in 2014, Britain’s leading online estate agent eMoov.co.uk have released its latest insight for property across the London tube network. The research showcases price and demand for property across the London tube map.
The London Underground acts as the elaborate network of arteries that keeps the heart of our nation pumping, deep beneath our feet a total of 11 separate lines provide the vital transport links for travelling the London landscape. Sought after properties within a mile of a tube station is high up the wish list of most potential buyers in London, who are in the pursuit of a smooth commute and a piece of the capital to call their own.
eMoov’s December Hotspots data found an increasing demand in commuter areas outside the capital as central London demand dropped. It is no surprise then that Zone 1 accounted for the most expensive property prices across all tube lines, the highest being Bond Street with an average property price of £3.2M. It also accounts for the lowest demand for property across all stations (13%) making it the coldest spot in London. This is in stark contrast to the cheapest, at an average price of £164,000 Heathrow (50%) offers some of the lowest property prices across the whole of London however there is only 4 properties listed for sale, due to the proximity of the station to the airport. Dagenham East (62%) offers the cheapest average property price in London with the average at £194,000 and one bedrooms costing from £143k.
Zone 1 suffered from the lowest demand percentage for property across London with the average at just 20%. However there are pockets of resilience and at 35% Angel was Zone 1’s hottest location with an average property price of £872,380.
Heading out of the heart of London, prices see a notable drop with property in Zone 2’s most expensive tube stop Holland Park more than half that of Bond Street. Those searching for a Zone 2 property on the Central line have opted to look slightly further a field and at 49% Bethnal Green is the most in demand location, 17% higher than the zone average and with the average house costing just over £500,000, it is easy to see why it is in demand.
If you are searching for a slightly more affordable price tag, then Zone 3 could be the logical choice. Once again by shifting just a few miles further out, the price you are looking to pay can drop by as much as 50%. At an average price of £745,000 Golders Green tops Zone 3 as the most expensive tube stop. However with a demand of just 21%, in part due to its more central location on the Northern line, it trails behind the average zone demand of 34%.
Tottenham Hale (56%) is the hottest property spot in Zone 3, most probably due to the mix of more affordable housing, £200,000 below the zone average, and its location on the speedy Victoria line. Its direct and fast commute to popular working hubs such as Oxford Circus (15%) and Kings Cross (31%), as well as the sought after transport link of London Victoria (20%).
Both ends of the Victoria line have seen substantial re-development in recent years. Not long ago the likes of Tottenham Hale (56%), Walthamstow Central (44%), Brixton (42%) and Stockwell (24%) use to conjure the feelings of dread associated with the phrase ‘end of the line’. Now these areas are certainly a lot more appealing to the average commuter and in some cases even desirable with their offer of reasonable accommodation at an affordable price. They offered first time buyers in particular a realistic way of obtaining a slice of the London lifestyle without the rush for the last over ground service home. When you consider that Seven Sisters has also been earmarked as the epicentre of the Cross Rail 2 project plus White Hart Lane redevelopment, it is easy to see the appeal for buyers looking to the future benefits of buying at both ends of the Victoria line service.
If it’s residing amongst leafy streets and expansive areas of greenery that take priority over the grey high rises of central London there aren’t many better locations than Richmond (35%). Situated along a section of the Thames that almost looks inviting enough to swim in, it has long been a place for the wealthy to settle into family life. In comparison to the hustle and bustle of city centre it has more tranquil feel, probably due, in part, to the overlap of the neighbouring county of Surrey. It offers the possibility of commuting via the tube during the week and negotiating wild deer in a green and pleasant park at the weekend. Sounds idyllic right? The catch? With an average house price of £680,000 a property in Richmond will set you back more than double that of the average house price elsewhere on the District line, of which Richmond is situated at the end of one of its South Westerly lines.
The expansive reach of the District line from West to East covering Zones 1 through 6 make it the third most desirable tube line for those residing in Zone 4 (62%). With the service calling at a wide range of stops from South Kensington (16%), Westminster (20%), Embankment (17%) and Victoria to name but a few, it’s a wonder the average house price along the route isn’t higher. But if a prestigious Richmond postcode is out of your reach there are other options in Zone 4 that benefit from the District line service. Barking (47%) and Upney (56%), with average house prices of £221,469 and £223,015 respectively, are a lot more affordable options at less than a third of the average house price in Richmond.
Although the West of London is seen to be more desirable than the East, it is the North East that is home to the most in demand tube stop in Zone 4, South Woodford. With a demand for property at 57%, 14% above the zone average, it has an average house price of £353,048. This is marginally more expensive than Barking, although this is probably a consequence of its location on the Central line, outperforming the District line as the most desirable tube service in Zone 4, second only to the Metropolitan line. Its quicker more direct route through the heart of London makes it a more convenient commuting option for those travelling to central, without the need to transfer from line to line.
From Zone 5 and beyond the demand for property see’s the most notable increase as many Londoners, those that use to reside in Zones 3&4 in particular, join the mass exodus to the cities outer limits. Stanmore (33%) at one end of the Jubilee line accounts for the most expensive property in Zone 5 at an average of £426,000, with Eastcote the most desirable station in the Zone (78%) with the demand for property 25% higher than the average. Eastcote also lies on the Metropolitan line the most in demand tube line for those living in Zones 4 to 8. The fast line means journeys to Baker Street (14%) stop at just a few stations on route, also shared by the Chiltern network providing high speed links in to Marylebone (15%).
But the king of the eMoov Tube Hotspots is Chorleywood with a whopping 82% demand for property. The Zone 6 station also located on the Metropolitan line is the hottest spot for those looking to purchase. Again benefitting from the Chiltern Railways service, it further concretes the change in mind set for those working in London, looking to the surrounding areas for a better quality of life and property and at an average house price of £410,000 it offers more choice for that price tag.
With all things considered those looking for a mix and match of value, demand and a reasonable commute should cast their eye on Ruislip. With an average property price of £345,058 it has the highest demand for commuters (Zone 6) and located on both the Metropolitan and Piccadilly lines.
Founder and CEO Russell Quirk commented “The latest insight from the research team at eMoov further confirms the growing demand for commuter areas in Zone 5 and outward. It is fascinating to see the gulf in demand between lines and the difference one stop can make to the value of a property.
With the Piccadilly, Victoria, Central, Jubilee and parts of the Northern line due to benefit from the introduction of a 24 hour service, stations along these lines will no doubt see demand benefits over others such as the Bakerloo line.