Thursday 4 February 2021 10:11 am

London house prices drop near Tube stations as buyers shuffle priorities

London house prices near Tube stations have dropped as buyers are less concerned about the length of their commute due to the shift to remote working during the coronavirus pandemic.

Research published this morning showed that property prices close to a London Underground stop average £642,674, a drop of two per cent on the pre-pandemic average of £655,017.

Read more: London house prices: Which exclusive areas suffered the biggest drop in property values?

Properties near the Waterloo and City line – which has not yet reopened due to the Covid crisis – suffered the largest drop, with homes near Waterloo and Bank stations seeing prices fall 11 per cent on average.

The average London house price around stations on the Circle line has fallen seven per cent since the start of the pandemic, while the Northern, District and Hammersmith and City lines have recorded a four per cent decline.

Jubilee, Bakerloo and Piccadilly lines

The average house prices along the Jubilee, Bakerloo and Piccadilly lines have slumped two per cent, one per cent and one per cent respectively.

House prices have remained largely static across the Met and Central lines, as well as the DLR. 

 Meanwhile house prices along the Victoria line have climbed two per cent, according to Benham and Reeves.

Research by the estate agent chain found that 38 per cent of London homebuyers no longer find living near a tube stop important as they now work from most of the time, while 30 per cent still find it important, but not as important as it was prior to the pandemic.

In total, 57 per cent would not pay more for a property because it was located near a tube station and the majority that would, would only pay up to £5,000 more.

Read more: London first-time buyers undeterred by Covid and rising house prices