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How do property prices differ on rail network?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
An interesting new survey from estate agent eMoov.co.uk has looked at how house prices vary across each overground train station in England, Wales and Scotland.
Following on from similar research for London’s Underground Tube stations, eMoov has moved its research to cover train stations across the UK.
On the right track
The estate agent looked of each of London’s 14 major terminals and found that the overall average property price was £1,0124,070.
In contrast, outside of the capital, the average property price across all stations was found to be just £221,000. Outside of London’s main terminals, the capital accounted for the highest price of all stations on the map, with property values in Wimbledon amounting to £736,000.
Taking the capital out of the equation as a whole, the most expensive area in which to buy a property on the rail network was found to be Henley-on-Thames. Here, a typical property costs £731,000.
The cheapest location on a rail network is Treherbert in Wales, where properties cost just £58,000.
How do property prices differ on rail network?
Steaming ahead
Russell Quirk, founder and CEO of eMoov.co.uk, noted, ‘although it is essentially a bit of fun, it’s always interesting to see which pockets of the nation are outperforming the rest from a property point of view, as well as the big jumps between stations.’[1]
‘For example, a property around Kirkham and Wesham station will set you back over £200,000, one stop down the line to Blackpool North and this drops to just £82,000.The latest trend for homeowners in London has been to forsake the capital’s inflated property market for the commuter belt surrounding it. But when you look elsewhere in the country there are other examples of homeowners opting to live outside larger cities to save on the price of their property. This property rail map allows you to visualise these,’ he continued.[1]
Concluding, Quirk said, ‘Making the choice to commute one stop from Thornaby into Middlesbrough can save you nearly £40,000. One stop from Swansea to Llanelli means paying over £30,000 less for a property. Even far down west, one stop from Newquay to Par saves you nearly £70,000!’[1]
[1] http://www.propertyreporter.co.uk/property/moving-one-train-stop-could-save-you-118000.html
