House prices along the London Marathon route have increased by an average of 25% over the past three years with the average property along the route now £750,000, online estate agents HouseSimple.com found.
The average property price along the route is £772,379, which is £154,804 (25.1%) more than three years ago. A buyer with an 80% mortgage, would need to put down a deposit of £154,475 to afford an average property.
The most expensive area along the marathon route is St. James’s at the final mile. The average property price currently is £2,560,610, £1,867,950 above the London average of £692,660.
Sam Mitchell, chief executive, HouseSimple.com, said: “As thousands of runners pound the streets of London this Sunday, first time buyers probably feel that, even with the benefits of a stamp duty freeze, it would still be easier to run a marathon under three hours than try to climb onto the property ladder in the capital.
“Obviously, many of the areas along the route are out of reach for the typical first-time buyer. But there is hope for buyers, as average prices at a third of the locations along the course, have actually fallen since the last London Marathon was run.”
Woolwich – miles three and four of the marathon – remained the cheapest area along the route, with prices currently averaging £353,509, that’s 45% lower than the route’s average. This is despite property prices there rising 21.1% in the past three years.