London homes 500 metres from station command 42,700 premium over those 1,500 metres away'

"People buying homes in London 500 metres from a tube or railway station pay 42,700 more than buyers of similar properties 1,500 metres away from transport hubs, according to new data. The figures indicate that despite the reshaping of the housing market sparked by the coronavirus pandemic and dramatic changes to working patterns, the traditional estate agent mantra of good transport links continues to wield its power over buyers."

"Nationwide said its recent market research confirmed that transport links remained important to those living in major cities, with more than 80% of Londoners saying that being near a station was either fairly important or very important when choosing to buy or rent their current property. In Manchester and Glasgow, about 60% of respondents stated that being near a rail station, Metrolink tram stop or underground station was either fairly or very important."

Homes in London located 500 metres from a tube or railway station command an 8% premium, about 42,700, compared with properties 1,500 metres away. Nationwide analysed how buyers and renters value proximity to rail, underground and tram services in London, Manchester and Glasgow. More than 80% of Londoners rate being near a station as fairly or very important; about 60% of respondents in Manchester and Glasgow say the same. Nearly 60% of Londoners catch a train or use the tube more than once a week, versus 37% in Glasgow and 35% in Manchester. The premium rises the closer a property is to a station.

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