Wednesday, 17 August 2011 10:03 AM
Research has found that average house prices in the areas served by London's Victoria Line vary by almost £2 million.
Figures released by property portal Globrix.com show that, from the Victoria Line's North-East London starting point at Walthamstow Central to South London's Brixton where the underground line ends, average property values vary by as much as £1.97 million.
The most expensive tube stop for house-hunters is Central London's Green Park, where the average home costs £2.17 million. Tottenham Hale, third stop from the northernmost point of the line, is the cheapest area in which to live with properties averaging £204,000.
Unsurprisingly, a station's 'zone' was found to affect house prices, with the Zone 1 average (£1.1 million) coming in at around five times that of Zone 3 (£224,250). Zone 2 properties were worth an average of £365,600.
Anomalies exist within certain zones – for example, Oxford Street, which is about as central as you can get, has a comparatively low average property price of £865,000, but this is likely to be due to the fact that the properties in that area tend to be apartments rather than houses.
With the journey from Walthamstow Central to Green Park taking 24 minutes, the difference in house prices along the way works out at the equivalent of £81,200 per minute – a significant price to pay for a reduced commute.
Jennifer Warner from Globrix.com said: “Londoners are obsessed with tube stations and the impact of these on property prices, particularly centrally located ones like many of the stations on the Victoria line.
“Living close to a tube station has huge cache and the more central the better. On the Victoria line the price differences are huge because it starts in first-time buyer territory around Tottenham Hale but then passes under some of the capital’s most expensive postcodes including millionaires’ Mayfair.”
Average house prices near each of the Victoria Line's tube stations:
Average property price
|2||Highbury & Islington||£463,000|
|1||King's Cross St Pancras||£816,000|
|1||Warren Street||£1.11 million|
|1||Green Park||£2.17 million|
By Ele Cooper