London homeowners pay a significant transport premium
The research showed:
Londoners pay a £26,000 premium for a property 500m from nearest station, compared with a similar property 1,500m from a station;
on average, London houses closest to Circle Line stations are the most expensive; those nearest the Central Line are cheapest; and
the London Overground link has provided a boost to house prices in Southwark.
Commenting on the figures, Robert Gardner, Nationwide’s chief economist, said: “As the London Underground celebrates its 150th anniversary, Nationwide has found that living close to a tube or railway station can demand a hefty premium on the price of a house (after taking account of other property characteristics, such as property type, size and local neighbourhood type).
“A property located 500m from a station attracts a 9% price premium (approximately £26,000 on a typical London home) over an otherwise identical property 1,500m from a station.
“This price premium is two percentage points higher than when we conducted similar research in 2010 where the data suggested a 7% premium.”