House-hunting in London? Save £1m by looking one tube stop further out
Buyers purchasing a property in Wembley Park in North London pay an average of £404,000 compared to £1.4m in Finchley Road, which is just one stop and eight minutes closer to central London on the tube .
The same large differences in price can also be seen by moving one stop and one zone from Hampstead in zone two to Golders Green in zone three, where the average prices are £1.4m and £962,000 respectively, resulting in a saving of almost £500,000.
The trend also extends to West London, where the average house in zone two’s Turnham Green costs just under £1m, while a property in Acton Town, just four minutes away, comes in at just over £500,000.
The most affordable properties in London can be found in zones four and five, with average house price in Barking, Dagenham East and Becontree coming in at £237,000- £240,000.
Russell Quirk, founder and CEO of Emoov.co.uk, 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.”