Do Londoners really have a love/hate relationship with the Tube, or is it just love? Despite a propensity to whinge about the subterranean train service, inhabitants of the capital are prepared to cough up serious dosh for a house near the Tube.
Such is the demand that property buyers are willing to splash an average of £42,000 more cash on a home within 5 minutes’ walk from a Tube entrance.
According to the latest statistics, which come from Nationwide building society, the Tube station premium is on the rise, and has gone up a brain-boggling £27,000 in just two years.
At the extreme end of the scale it can make a difference of more than £50,000 to the value of a home. Nationwide highlights Southfields in south west London, where an average home within 500m of the District Line Tube station is £551,800, but once you are more than 1,500m from the entrance, prices have come down by £52,000, to £499,300. And that’s just the District Line.
Meanwhile, house prices in the borough of Camden, are among the highest in London. It’s no coincidence that 85% of homes in the borough are within 500m of a Tube station, making it the capital’s best connected area.