Move your property search one tube stop away and save £400k
PUBLISHED: 16:55 12 February 2015 | UPDATED: 16:55 12 February 2015
London house hunters have long known that the further out of town you go, the less expensive property will be, with first-time-buyers forsaking zone 2 in droves last year.
However, moving just one tube stop further out in north London could save people looking for a new home nearly £400,000 according to a report by online estate agent eMoov.co.uk.
While most savings were offered when the stops were either side of two tube zones, people looking in Camden Town (average price £1.1million) could save as much as £370,000 whilst staying in zone 2 by travelling just 3 minutes along the Northern line to Kentish Town.
Switching allegiance between branches of the Northern line would also save house hunters a pretty penny, with properties on the Ham&High stretch of the Edgware branch averaging £940,554 compared with £617,112 on the equivalent stretch of the High Barnet.
Large savings were also found within zone 2 on the Jubilee line, with property in West Hampstead an average of £126,000 cheaper than in Finchley Road.
The only major anomaly to this pattern was found between Archway in zone 2 (average price £594,000) and the next stop, Highgate, in zone 3 (average price £631,000), an increase of £37,000.
This can be easily accounted for though, by Highgate’s prime hilltop location, predominantly large houses and desirable village atmosphere.
For sellers, demand is highest near the cheapest stops listed: Kentish Town, Tufnell Park and Archway all have percentage demand in the early 40s, compared with only 21 per cent in Golders Green.
Founder and CEO Russell Quirk commented “Savvy buyers looking for the next tube hotspot should consider where new gaps could appear along the network, such as the Northern line extension to Nine Elms and Battersea in South London.
“Over the next few years these locations and their surrounding areas will see a dramatic rise in house prices and demand as they open the new service.”