TotallyMoney.com can reveal the average cost per square foot of property within a 0.5km radius of each London Underground station.
New research paints a sobering picture of London’s housing crisis by revealing how much one square foot of property costs throughout the capital.
Using the world famous London Underground map, TotallyMoney.com have listed the average price of property per square foot near each of the capital’s tube stations, which you can see here.
For example, to get a space the size of a double bed near Covent Garden would cost £54,928, however you wouldn’t be able to have a bedside table or a door that opens inwards.
Of course, the average one-bedroom flat in London is about 500 square feet, which means if you wanted more than just a bed in Covent Garden you are looking at paying £976,500, according to the research.
If you’re looking to buy a place on a budget, but don’t want to spend hours on the tube each morning, you should be looking around Bromley-by-Bow or North Acton.
Both stations sit on the border of Zones 2 and 3, and because of this boast the shortest commute for any properties priced at less than £500 per square foot on the tube map.
The average price per square foot of properties near Bromley-by-Bow is £447 and for North Acton £487.
Alastair Douglas, CEO at TotallyMoney.com, said of the research: ‘For most Londoners the true map of their city is of course the world famous tube map.
‘Here at TotallyMoney.com we are committed to making the credit market and fairer place and helping people get the best value for their money in every aspect of life.
‘Therefore we hope this map can shine a light on London’s rapidly increasing cost of housing, and help people who are looking to buy in the capital get an idea of how much they will be paying depending on where they are looking to buy.’
Some other interesting points that came up during the research:
- The tube line with the most expensive average property price, at £1,125 per square foot, is the Hammersmith and City line. This line runs through pricey West London areas such as Westbourne Park and Ladbroke Grove, as well as through areas of the square mile such as Farringdon and Liverpool Street.
- The line with the cheapest average property price is the Metropolitan Line – just £504 per square foot. While this line goes right into London’s financial centre, it also stretches out to Amersham in Zone 9, which is actually in Buckinghamshire and so doesn’t suffer from the ridiculous London property prices.
- If you want the place you live to reflect your gradual move up the economic ladder than look for property on the Piccadilly Line, which has the largest disparity of property prices out of all the tube lines. At a staggering £2,214 per square foot, the area around Knightsbridge tube station boasts the most expensive property prices in London. However just 15 stops away Hatton Cross, in Zone 5, is the local stop for people who only need to pay £370 per square foot. It is right by Heathrow Airport though.
- At 12.8 inches wide and 8.94 inches deep, the £1,599 Macbook Air from Apple has a surface area of 114.4 square inches. This means that a square foot of Macbook Air is worth £1,265. Therefore if you own property anywhere more expensive than the area around Embankment station (£1,250 per square foot) your floor is worth more than a carpet made of Macbook Airs.