How expensive is London?
A new map from Savills outlines London’s house prices by underground stations and what it tells you is that £1 million will not buy you much anymore!
It’s not just homeowners based in the likes of the affluent Knightsbridge and Chelsea (Zone 1) which are benefitting from being property millionaires. The research shows that properties located even as far out as Zone 6 have fallen into the ‘property millionaires’ club.
Overall the capital city has seen the number of property millionaires sharply increase over the last 5 years.
Living close to a tube station is considered a must-have to any city dweller, that’s one reason why the value of property by popular stations is rising.
“It tells us how much we now value convenient travel,” Dominic Grace, head of residential development at Savills commented. “Owning a £1m house no longer means you can afford a chauffeur. And if you are a high earner, you need to get to meetings quickly. You can budget your time much more accurately if you go by Tube.”
Overall the research looked at the sale prices within a 500 range of each London tube stop. Out of the 58 £1 million pricing, 36 are in Zone 1, 18 are in Zone 2, 3 are in Zone 3 and 1 property in Zone 6.
Lucian Cook, head of residential research at Savills commented: “The Zone One areas which first broke the £1m benchmark have now mostly trebled in value over the last decade. Clearly international buyers are a strong presence here, and the Zone Two areas have been pushed up by the domestic middle class. It shows the extent to which London has risen over the past 10 years, the effect of the Jubilee Line and the promise of Crossrail.”