- 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.”
