Home PropertyCycle super high-way house prices kick it up a gear

Cycle super high-way house prices kick it up a gear

by LLP Reporter
31st Jul 19 10:50 am

With the Tour de France over, the streets of London will no doubt see an increase in the number of lycra-clad amateur cyclists taking to its cycle lanes over the summer in an attempt to make it to next year’s event. But research by independent London lettings and sales agent, Benham and Reeves, has looked at the steep cost of taking this training seriously and living along one of the capitalโ€™s cycle superhighways, how this compares to the price of property in the wider boroughs they pass through and London as a whole.

Itโ€™s common knowledge that close proximity to a tube station can bump up your property price potential but Benham and Reeves analysed property prices of the postcodes along each of the capitalโ€™s cycle superhighways and found that on average, properties cost ยฃ931,614!

This is 44% higher than the average cost across the 13 wider boroughs home to a cycle superhighway (ยฃ644,739) and a huge 104% more than the current London average of ยฃ457,471.

CS2 from Stratford to Aldgate is home to the highest premium when compared to the wider local area. The average cost of property in postcodes along the CS2 route is ยฃ889,889, while the average cost across the wider boroughs it passes through (Newham, Tower Hamlets and the City of London) is just ยฃ513,968 – a 73.1% difference! This cycle superhighway house price premium is also some 195% higher than the average London house price.

CS3 between Tower Hill and Lancaster Gate is home to the highest house price of all cycle superhighways at ยฃ1,464,426. Despite passing through Tower Hamlets, the City of London, Westminster and Kensington and Chelsea, the average cost across these boroughs is still only ยฃ848,153, with the cost of living along CS3 72.7% higher and a huge 320% higher than the London average.

CS6 between Kingโ€™s Cross and Elephant and Castle would set you back ยฃ892,442 when buying a property along the route – 35.1% higher than the boroughs it passes through and 195% higher than the London average.

CS5 from Oval to Pimlico is also over 30% more expensive than the wider areas at ยฃ954,707 and 209% more than the London average.

CS7 (Merton to the City) and CS8 (Wandsworth to Westminster) both carry a property price premium of 28.3% and 22.4% respectively when compared to the boroughs the run through.

CS1 between Tottenham and the City of London is the cycle superhighway with the lowest property premium, but with an average house price along the route of ยฃ672,119, itโ€™s still some 7.5% higher than the average price of property across Haringey, Hackney, Islington and the City of London, and 147% more expensive than the London average.

Managing Director of Benham and Reeves, Anita Mehra said, โ€œAny easily accessible transport link is going to help increase your property value in London and while cycling in the capital certainly comes with a greater degree of danger, the emergence of these cycle superhighways has helped increase demand, and prices, for properties along these routes.

“Londoners are looking to more green ways of living whether itโ€™s limiting their plastic consumption, changing the cars they drive or the products they buy, and weโ€™re seeing more and more buyers purchase with an environmental conscience within the property market.

“Not only are more environmentally friendly property features proving popular but so are additional means of transport and these cycle routes provide an option to travel in a greener fashion while also attracting like-minded people to the same neighbourhoods.

“Of course, the downside is that property along these routes is now commanding a very high price despite wider market conditions but by searching within the immediate vicinity should present some more affordable options without adding too many miles to your cycle.โ€

Cycle Superhighway Route Average house price along route* Boroughs along route Average price of boroughs along route Average of all boroughs on route** Difference to CS route (%) Difference to London average (%)***
CS2 Stratford to Aldgate ยฃ889,889 Newham ยฃ371,772 ยฃ513,968 73.1% 195%
Tower Hamlets ยฃ440,166
City of London ยฃ729,967
CS3 Tower Hill to Lancaster Gate ยฃ1,464,426 Tower Hamlets ยฃ440,166 ยฃ848,153 72.7% 320%
City of London ยฃ729,967
City of Westminster ยฃ971,552
Kensington and Chelsea ยฃ1,250,926
CS6 King’s Cross to Elephant & Castle ยฃ892,442 Camden ยฃ822,741 ยฃ660,836 35.1% 195%
Islington ยฃ615,316
City of London ยฃ729,967
Southwark ยฃ475,319
CS5 Oval to Pimlico ยฃ954,707 Lambeth ยฃ495,609 ยฃ733,581 30.1% 209%
City of Westminster ยฃ971,552
CS7 Merton to the City ยฃ706,796 Merton ยฃ487,549 ยฃ550,764 28.3% 155%
Wandsworth ยฃ565,377
Lambeth ยฃ495,609
Southwark ยฃ475,319
City of London ยฃ729,967
CS8 Wandsworth to Westminster ยฃ940,918 Wandsworth ยฃ565,377 ยฃ768,464 22.4% 206%
City of Westminster ยฃ971,552
CS1 Tottenham to the City ยฃ672,119 Haringey ยฃ583,850 ยฃ625,149 7.5% 147%
Hackney ยฃ571,462
Islington ยฃ615,316
City of London ยฃ729,967
Average ยฃ931,614 Average ยฃ644,739**** 44% 104%
*Average house price across all outcodes that each cycle superhighway passes through
**Average price across all of the wider boroughs in which the cycle superhighway passes through
***Percentage difference of the average property price on each cycle superhighway and the average London house price of ยฃ457,471
****The average cost used here only includes the cost of each borough once and not multiple times as they feature across a number of cycle highways. 13 boroughs in total were averaged to find this cost

 

Sources:  
   
Outcode Av Prices PropertyData
   
Cycle Routes TfL
   
London and London Borough Av Prices Gov / Land Reg

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