Homebuyers in London pay an average of £42,700 more for a property within 500 metres of a tube or railway station compared to a similar home 1,500 metres away, according to new data from Nationwide Building Society. The study, which analysed property values in London, Manchester, and Glasgow, suggests that proximity to transport remains a key factor despite pandemic-driven shifts in working patterns.
The research found that a home 500 metres from a station commands an 8% premium over one 1,500 metres away, based on London’s average property price of £532,500. This is close to the pre-pandemic premium of 8.6%, indicating a potential reversal of trends that saw buyers prioritising space over transport links during lockdowns.
Nationwide’s survey revealed that over 80% of Londoners consider being near a station “fairly” or “very” important when choosing a home, compared to about 60% in Manchester and Glasgow. This reflects higher usage: nearly 60% of Londoners use rail or tube services more than once a week, versus 37% in Glasgow and 35% in Manchester.
In Greater Manchester, the premium for being 500 metres from a station is £10,900 (4.9%), while in Glasgow it is £8,800 (4.6%). Jeremy Leaf, a north London estate agent, noted that while the pandemic boosted home working, the trend is slowly reversing as more people return to offices, though not to pre-Covid levels.
