London property prices: There’s £1m difference between properties in Wembley Park and Finchley – but just eight minutes’ travel time
Wrestling with the trade-off between commuting time and house prices? A new Tube map has been created giving prospective home-owners the skinny on where the best option might be – and where the biggest discrepancy on each line can be found.
According to EMoov, one of the biggest differences can be found on the Jubilee Line, where eight minutes of travel time can effectively save you more than £1m in house price.
That's the difference in cost between the average property in Wembley Park (£404,228) and Finchley Road (£1,443,069).
On the Northern Line, moving one stop from Hampstead in Zone 2 to Golders Green in Zone 3, property prices drop by around half a million pounds.
For those who can't contemplate going outside Zone 1, the average property price is £1.2m. Although there is no Tube stop where property prices drop below £500,000 there are some pockets of relative cheapness – Aldgate East being the lowest with £536,000, followed by Lambeth North (£660k), Borough (£665k), Waterloo (£670k) and Vauxhall (£690k).
After a period of regeneration, Elephant & Castle now commands eyewatering average property prices of £707,000.
The cheapest Tube stops in London overall continue to be further east – Barking (£237,337), Dagenham East (£237,792) and Becontree (£240,294).
EMoov founder Russell Quirk said: "The Tube map is a fascinating way of breaking down the London landscape, especially where property price is concerned.
"Despite the constant threat of strike action, a property close to a Tube stop, on a good line, remains one of the most sought-after pieces of property in the capital. Close proximity to a Tube stop will always act as an additional selling point for sellers and in most cases, is justification for a higher asking price.
"It’s well worth doing your homework when buying in London, because as this research shows, sacrificing a few extra minutes with a longer commute can result in a considerable reduction in the price you will pay for a property.”
