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2 November 2007

House prices more expensive near transport links

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by Kay Mitchell

House prices more expensive near transport links

HotProperty.co.uk has established that a property within close proximity of a tube station can be at least 21% more expensive than a similar property half an hour away. Consequently, Londoners are considering property further away from transport links.

For every 5 minutes closer to a tube station, property prices increase 4%. Therefore, walking an hour to get to a tube station seems extreme but people are having to make sacrifices, particularly with mortgage affordability at a record low.

HotProperty.co.uk added that 25% are unwilling to purchase a house that is more than 5 minutes walk to a tube station.

A spokesperson for the company concluded that people may reconsider if they knew they could save up to £29,000 by walking just 5 minutes.

Just last week, Haart estate agents said the Crossrail service is set to benefit Maidenhead. It is anticipated that prices will increase a further 20% over the next 5 years as increased demand from commuters and families will essentially drive the increase.

Work on the Crossrail scheme is scheduled to commence next year and scheduled for completion in 2017. Trains will run from Maidenhead, via Heathrow, the West End and the City to Canary Wharf and beyond.


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