Price of properties close to tube stations drop since start of pandemic
Properties within close proximity to a tube station have dropped by 2% since the start of the pandemic, according to Benham and Reeves.
Data collected by the firm shows that the average property price has dropped from £655,017 to £642,674.
The research shows how the current pandemic has impacted house prices surrounding the capital’s tube stations.
Properties near to the Waterloo and City line have seen the greatest decline, down 11%.
This was followed by housing near to the Circle line, which has declined on average by 7%.
In contrast, properties close to the Victoria line have seen an uplift, with average house prices up 2%.
Furthermore 38% of London homebuyers no longer find living near a tube stop important, noted the firm.
However, 30% still find it important, but not as important as it was prior to the pandemic.
In addition, over half (57%) of respondents said they would not pay more for a property because it was located near a tube station and the majority that would (62%) would only pay up to £5,000 more.
Marc von Grundherr, director of Benham and Reeves, said: “What a difference a year makes and who could have predicted that we would still be largely working from home almost a year on from the first lockdown.
‘Although the London market has largely held its own despite continued pandemic uncertainty, the ongoing advice to work from home has had a clear impact on the price paid for homes within close proximity of a London Underground station.
“Prior to the pandemic, a tube adjacent property really was the golden ticket for many London homebuyers and, as a result, they commanded a pretty premium compared to those less conveniently located.
“However, the importance of a quick commute has fallen, bringing property values surrounding tube stations with it.
“With 2021 also starting with a string of lockdown restrictions in place, the likelihood is that tube house prices will continue to cool, until such point that normality returns and we can once again return to the workplace.
“Of course, once this happens, a sharp recovery in property values will no doubt follow and so the current landscape presents the potential of a very good investment for those in a position to buy now.”