In recent weeks, we have notices some remarkable headlines stating that the price of London property apparently falls at a rate of £3,000 for every extra minute of a train journey it takes to travel to the city centre. While the facts and figures so seem to back up this assertion, it’s not quite as simple as rail travel times being the means by which properties are valued. Commuter routes do have a significant impact on the value of properties in and around London, but they are far from the only consideration.
For many people looking for living space in London, close proximity or easy travel to the central business district are highly desirable qualities. However, there are many other considerations which need to be taken into account, including factors which affect property sales and rentals throughout the entire UK. For example, prospective buyers and renters will also be influenced by the size and number of bedrooms, and the proximity of the home to features such as schools, shops and green belt areas.
As to whether or not a property being a minute closer to London than another really has an extra £3,000 added to its value, we are not convinced that this is the whole picture. It is likely that the biggest contributor to this is the high level of demand for property in London in general, rather than specifically being about train access. As there are numerous transport options available in and around London, identifying trains as a sole trend indicator for property prices gives an incomplete image of commuter access across the city.
As a trusted specialist in lettings, property management and council leasing for Kingston Upon Thames and the rest of London, we always appreciate the many different ways in which people attempt to calculate or gauge values in the market. While the current approach of using train travel times is not a completely accurate way to view London property prices, it’s not entirely incorrect either. It is understandable that people wish to seek out the reasons for London property prices, but at heart the main cause is always the high demand for living and working space in the capital.
