The value of homes close to some of London's underground stations has risen by 57% in a decade, according to new research from price comparison site Service Octopus.
Properties in zone 1, close to stations such as Oxford Street and Tottenham Court Road, have experienced the biggest returns (no surprise there then).
Although some properties in outer London zones aren't booming as loudly as those in central (for instance, the rise is 32% in Upton Park, 34% in Chesham and 35% in Epping), the property market in London's suburbs is still thriving, compared to the rest of the UK — which has seen roughly an overall 15% increase since mid 2007.
Some parts of outer London have risen steeply, too. North west London in particular has seen a dramatic surge in demand during the last 10 years, with properties on the Bakerloo and Jubilee lines in that area rising by up to 55% in value.
According to the research, one of the most profitable lines in London is the Victoria line. In 2007, you could have purchased a property next to Walthamstow Central for £268,000. Today, the same home will cost you around £450,000 — an increase of almost £200k.
The next property hotspots are likely to be located further out of central London as house hunters are continually priced out of property in more central zones, and improvements to transport infrastructure is decreasing journey times from London's outer boroughs. Hendon Central, Harlesden, Kingsbury, Kensal Green, Park Royal, Ravenscourt Park and Royal Oak are all cited as areas to keep an eye on for price surges.
The average cost of a home next to a London tube station is now £827,814 — up from £553,000 in 2007.
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