Landlords can now see if they are on the right track
Wednesday 29 June 2016
Potential landlords can now see if they are on the right track when it comes to buying property in London.
As a tongue-in-cheek take on the capital's underground map, credit comparison site Totallymoney.com has drawn up its own version showing the average cost of homes within a short walking distance (half a kilometre) to each tube station.
Everyone knows that transport links are vital in attracting interest in properties, including rental homes, and landlords can now get the best value for their hard-earned money if they are looking into investing in London.
And Hamptons International's research director, Johnny Morris, feels measuring properties in square feet is a fair method.
He said: "Many buyers tend to think of value in terms of number of bedrooms and total price.
"Measuring per square foot - the total price of a home divided by the floor area - gives a bit more transparency, after all, space can be flexible.
"Londoners will generally pay more to live near a tube station, whether they’re buying a house or renting.
"Generally, the closer to the station and better connected that stop the more people will pay to live there.
"But the rule doesn’t always apply, particularly in outer London.
"The most expensive areas are a little way from the station, clustered around the best schools and the nicest streets."
Perhaps unsurprisingly, the wealthy West End boasts the most expensive homes close to the underground stations, where it could set you back around £2,000 or more per square foot.
This includes South Kensington (£1,823), Gloucester Road (£1,836), Kensington High Street (£2,000) and Knightsbridge (£2,214).
In stark contrast, the cheapest homes could be found in Loughton, in Zone 6, which would cost a buyer an average of £294 per square foot.
The Metropolitan line also has the cheapest average property prices, at about £500 a square foot along its stations.
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