A new map showing average prices and rents for apartments in postcode-based catchment areas around each of the London Underground tube stations may provide a useful starting point for those looking to buy or rent property in the city.
Produced by Mayfair and West End estate agent Wetherell, in association with property research consultancy Dataloft, the Wetherell London-Underground Property Map reveals, for the first time, London’s most expensive tube stations and underground lines, ranked by the value of residential properties around them.
Wetherells' MD Peter Wetherell says that the map gives Londoners the ability to question property developers, estate agents and landlords about whether they are living close to a ‘good value’ or a ‘poor return’ tube station.
“Property marketing people can use clever imagery, glossy brochures and smart marketing suites to help talk up homes in secondary, underperforming locations. However, one thing they cannot do is change the name of their local tube station. So the tube-linked data we have produced provides a starting point for Londoners looking to buy and rent property in the heart of the capital.”
To create the map, Dataloft undertook an extensive survey, analysing sales and rental values for two-bedroomed apartments (as reported by the Land Registry, Lonres and Zoopla) over a 12-month period.
Not surprisingly, ranked by property values, Knightsbridge is London’s most expensive tube station (two-bed flat average price £2.67 million; £1,252 per week rent).
Others in the top 10 most expensive tube stations include:
- Hyde Park Corner, by Belgravia – average price of a two-bed flat, £1.71 million; £936 per week rent
- Sloane Square, Chelsea – average price of a two-bed flat, £1.44 million; £820 per week rent
- Green Park, Mayfair – average price of a two-bed flat, £1.27 million; £1,016 per week rent
- High Street Kensington – average price of a two-bed flat, £1.19 million; £822 per week rent
- Regent’s Park – average price of a two-bed flat, £1.18 million; £713 per week rent
In Zone 1, the Piccadilly line is London’s most expensive and prestigious tube line, as ranked by the average property value on the line. The average value of a two-bedroomed apartment is £1.36 million.
Next come the District (£1.06 million), Circle (£1.02 million) and Central (£995,452) lines.
With its currently undervalued locations of Victoria, Pimlico and Vauxhall, the Victoria line has an average property value of £760,861, while, at £613,890, the Northern line is the least valuable tube line in Zone 1.
Other fascinating findings are the huge jumps in property values that occur in the relatively short distance of a few stations. Travel just five stops from Elephant and Castle to Piccadilly Circus and prices rise from just £361,300 to £1.03 million, an increase of 186 per cent.