"Londoners pay a 42,700 premium to live close to a train or Tube station, new research suggests. A property in the capital that is 500m (0.31 miles) away from a station is 8% more expensive than a similar property 1,500m (0.93 miles) from one, a study by Nationwide found. In contrast, the premium is 4.9% (10,900) in Manchester and 4.6% (8,800) in Glasgow, the building society's study discovered."
"Property near Circle line stations is the most expensive in terms of all the London Underground lines, with an average house price of 729,000, the research also found. The cost of a property gradually decreases the further it is from a station, according to the research. The 8% premium at 500m away falls to 5.6% at 750m, and 3.5% at 1,000m."
"Nationwide senior economist Andrew Harvey said: "London homebuyers continue to be willing to pay a significant premium for being close to a station compared with those in Glasgow and Manchester. "This likely reflects the greater reliance on public transport in the capital." Richard Donnell, research director at the online property portal Zoopla, was of the same view. He told BBC London that the capital "drives a bigger premium because of its scale and size"."
A London property 500m from a station costs about 8% more than a similar property 1,500m away, equating roughly to a 42,700 premium. Manchester shows a 4.9% premium (around 10,900) and Glasgow a 4.6% premium (around 8,800). Properties near the Circle line have the highest average price at 729,000. The premium declines with distance: 8% at 500m, 5.6% at 750m, and 3.5% at 1,000m. A 500m walk takes roughly six minutes, creating a trade-off between housing cost and travel time. A survey of 1,000 residents in each city found 80% of Londoners value station proximity, compared with about 60% in Glasgow and Manchester.
Read at www.bbc.com
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