How increasing your journey to a Tube/train station can save up to 25% on rent

– Tenants can save up to £350 a month on rent by living a 10-15 minute walk from a London Tube or train station, compared with a similar property which is within a five minute walk.

A one bed flat within a five minute walk (up to 500m) of a Tube or train station can cost up to 25% more per month in rent, compared with a similar property a 10-15 minute walk away (830m-1250m).
Based on one and two bed flats, those in East London carry the largest rental premiums (one bed: 25% £350) (two bed: 14% £233) for living within a five minute walk of a Tube or train station.

 

Area of London Av. pcm cost for a 1  bed flat within 500m (0-5 min walk) from a Tube/train station Cost saving pcm on a 1 bed flat 500m-800m (5-10 min walk) from Tube/train station (Av. rental cost pcm in brackets) Cost saving pcm on a 1 bed flat 800m-1250m (10-15 min walk) from Tube/train station (Av. rental cost pcm in brackets)
East £1,394 £149 (£1,245) £350 (£1,044)
East Central £1,769   £87 (£1,682) *
North £1,336   £35 (£1,301) £150 (£1,186)
North West £1,546 £149 (£1,397) £331 (£1,215)
South East £1,283   £10 (£1,273)   £66 (£1,217)
South West £1,470     £2 (£1,468)   £59 (£1,411)
West £1,517 £101 (£1,416) £253 (£1,264)
West Central £1,686   £42 (£1,644) *

* Data invalid due to high volume and close proximity of Tube/train stations in specific area

The research was carried out by property website OnTheMarket.com which analysed a selection of data based to find Tube/train stations where tenants can make significant monthly savings by extending their walking time to up to 15 minutes. These include: Holloway Road in North London (£179, 11%), Turnpike Lane in North London (£132, 11%), and Shadwell in East London (£126, 9%).

The table below reveals selected Tube/train stations across London and the cost savings which can be made for those who live closest to them.

London Tube/train station Av. pcm cost for a 1  bed flat within 500m (up to 5 min walk) from a Tube/train station Cost saving pcm on a 1 bed flat within 1250m (up to 15 min walk) from Tube/train station (Av. rental cost pcm in brackets) Cost saving: Percentage difference  
Holloway Road – North £1,618 £179 (£1,439) 11%
Turnpike Lane – North £1,173 £132 (£1,041) 11%
Shadwell – East £1,384 £127 (£1,257) 9%
Hackney Central – East £1,492 £121 (£1,371) 8%
Crossharbour and London Arena – East £1,567 £120 (£1,447) 8%
Haggerston – East £1,631 £117 (£1,514) 7%
Heron Quays – East £1,742 £109 (£1,633) 6%
Caledonian Road – North £1,590 £108 (£1,482) 7%
Oval – South £1,484 £103 (£1,382) 7%
West Croydon – South £1,084      £97 (£987) 9%

According to Government statistics, on average, private renters spend around 34% of their household income on rent and private renters with a joint income spend on average 41%.

Those in the 16-24 year old bracket are hardest hit with 48% of their household income being spent on rent.

It is also of no surprise that those living in London spend considerably more than those outside of London (43% compared with 32%).

Spokesperson for OnTheMarket.com, Vikki Bennett, said: “This research shows it can be well worth the effort of adding the extra minutes to your commute because it can result in a considerable reduction in the price you pay to rent a property.

“In terms of accessibility to London transport, we found that the borough with the most Tube stations is Westminster with 31 but as always, convenience comes with a price and it’s no secret that this remains one of the most expensive spots in the country.

“For more affordable housing with access to good transport links, Brent is well-served with 21 Tube stations. Here, the average rental cost of a one bedroom flat within a five minute walk of Alperton Tube station is £1,300. It’s possible to save up to £121 each month for renting the same sized property up to a 15 minute walk away.

“The borough with the most train stations is Bromley with a total of 23. However, the potential savings are harder to find, with a one bed flat in Bickley costing £925 per month within a five minute walk of the train station. By extending the commute to up to 15 minutes, the same sized property costs £881 per month.”

Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.

OnTheMarket.com Sign Up For a Property Alert

See www.onthemarket.com/newandexclusive. Agents specify exclusivity.