Transport Options Affect House Prices Across London

Published: 15/07/2021

At BR Estate Agent, we know many factors influence property prices in Bromley and London. The availability of school places is important, but we believe transport hubs are crucial in affecting what people pay for a home.

We are not alone in thinking this, and a recent study drives this point home.

A new study by Nationwide focuses on the “transport effect” on property prices, and it is still a critical factor in the housing market.

London house prices are shaped by transport options

In the capital, a property found within 500 metres of a railway station or Underground line carries a significant premium compared to a property found 1,000 metres away.

Nationwide’s Andrew Harvey says: “The pandemic does not appear to have reduced the desirability of being close to a station in London, despite reduced public transport usage. Indeed, our analysis suggests the premium has actually increased slightly compared with pre-pandemic levels. We’ve also seen a noticeable increase in the premium to be located close to a station in the Greater Glasgow area, but in Greater Manchester, homebuyers appear to be placing a little less value on being close to a rail or tram stop compared to before the pandemic.”

The study finds a property within 500m from a London station carries a 9.7% premium, and for average prices in London, this equates to around £46,800.

A property found 1,000m away carries a 4.3% premium, and at 750m, the premium is 6.8%.

There are many transport options in Bromley

The full list of stations in the London Borough of Bromley is as follows:

• Anerley railway station
• Beckenham Junction station
• Bickley railway station
• Birkbeck station
• Bromley North railway station
• Bromley South railway station
• Chelsfield railway station
• Chislehurst railway station
• Clock House railway station
• Crystal Palace railway station
• Eden Park railway station
• Elmers End station
• Elmstead Woods railway station
• Hayes railway station
• Kent House railway station
• Knockholt railway station
• New Beckenham railway station
• Orpington railway station
• Penge East railway station
• Petts Wood railway station
• Ravensbourne railway station
• St Mary Cray railway station
• Shortlands railway station
• Sundridge Park railway station
• West Wickham railway station

Andrew Harvey also said; “Our analysis suggests that there has actually been a slight increase in station premiums in London compared with pre-pandemic levels. In 2019-20, a property located 500m from a station attracted an 8.6 per cent premium over a comparable property 1,500m from a station. The Circle line serves the capital’s most expensive areas taking in much of central London and also parts of west London.  Average house prices are around £850,000 in areas where the nearest station is on the Circle line. Of all the London Underground lines, average house prices are least expensive where the nearest station is on the Metropolitan line. This probably reflects that it stretches towards the outer suburbs, with only a short section in central London.”Andrew Harvey also said; “Our analysis suggests that there has actually been a slight increase in station premiums in London compared with pre-pandemic levels. In 2019-20, a property located 500m from a station attracted an 8.6 per cent premium over a comparable property 1,500m from a station. The Circle line serves the capital’s most expensive areas taking in much of central London and also parts of west London.  Average house prices are around £850,000 in areas where the nearest station is on the Circle line. Of all the London Underground lines, average house prices are least expensive where the nearest station is on the Metropolitan line. This probably reflects that it stretches towards the outer suburbs, with only a short section in central London.”

If you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website www.br-estateagent.co.uk for more information.