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.”
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