London transport lines with the highest and lowest average house prices

Londoners typically pay around £42,700 more to buy a home located 500 metres away from a tube or train station, according to research from Nationwide Building Society (NBS.L).

That worked out to an 8% premium over an otherwise identical property located 1,500 metres from a station. Meanwhile, a property located 750 metres from a station typically commands a 5.6% premium and a home located 1,000 metres away attracts a 3.5% premium.

By comparison, Nationwide’s analysis suggested that a property located 500 metres from a station in Greater Manchester attracts a 4.9% price premium – working out to around £10,900 based on average prices in the region – over an otherwise identical property 1,500 metres away. In Glasgow, the research suggested that homebuyers paid a 4.6% premium for a property 500 metres from a station, working out to around £8,800 more.

Andrew Harvey, senior economist at Nationwide, said: “Our recent market research confirms that transport links remain important to those living in major cities, with over 80% of Londoners saying being near a station was either ‘fairly important’ or ‘very important’ when choosing to buy or rent their current property.

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“This is likely to reflect that those living in London typically use their local station more often, with nearly 60% using either rail or tube more than once a week.”

The research was conducted by Censuswide among a sample of 3,000 respondents in London, Manchester and Glasgow. It found commuters in London tend to have slighter longer journeys, with an average commute time of nearly 30 minutes (by tube/train), around five minutes longer than those in Glasgow and Manchester.

Respondents were also asked how much more they would pay to live in an area with good transport links compared to an area with poor links.

“On average, respondents were willing to pay 8% more, although there is a significant spread of opinion, with nearly 30% of those in London willing to pay more than 10% extra to live in an area with good transport links,” said Harvey.

Nationwide found that the Circle line was associated with the highest house prices in London. The building society’s research showed that average house prices are around £729,000 in areas where the nearest station is on the Circle line.

“Interestingly however, the Circle was the least popular amongst survey respondents (in London) when asked which line on the Tube map they would ideally like to live by, most likely due to the high prices,” said Harvey. “Indeed, over half (53%) of respondents in London stated that affordability pressures meant they had to buy or rent near a station that was further away from the city centre.”

The Bakerloo line came in second, with an average house price of £617,000 in areas in areas where the nearest station is on this line.

For underground lines, average house prices remain the least expensive where the nearest station is on the Metropolitan line, at £463,000.

Of all routes operated by Transport for London, average house prices were found to be lowest among stations served by the Elizabeth railway line, with an average price of £401,000.

“While a lot of the construction work as part of the Crossrail project was focused on central London, most of the stations are in more suburban areas, where prices tend to be lower (in particular out towards the east),” said Harvey. “But the Elizabeth line does appear to be a favourite amongst those surveyed; for 12% of respondents, it is currently their nearest line and 14% would like to live by it.”

As for London overground, Nationwide’s analysis found that average house prices around these stations are £529,000 although this varies by line, with the Mildmay line, which connects Richmond/Clapham to Stratford via Hampstead, the most expensive at £645,000.

Meanwhile, the Liberty line, which runs between Romford and Upminster, is the cheapest at £358,000.

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