London's mainline stations have become hubs for homebuyers who see commuting as a waste of time and money. Waterloo, Paddington and London Bridge are at the centre of ambitious regeneration that is turning the surrounding districts into property hotspots.
Rising commuting costs are a compelling reason to look for a new home in the capital, where you can save on train fares, maybe even walk to your workplace, and enjoy all that London has to offer.
Research by estate agency Haart suggests about half of the mortgage savings that result from a move to a cheaper property outside London are wiped out by the high cost of getting to work by rail. Ticket prices jumped by an average of 2.8 per cent at the start of this month. Indeed, season ticket costs are now so high that some areas — Oxford and Cambridge among them — are more expensive for commuters to live in than London.
Season tickets have increased by roughly four times more than average wages over the last five years, according to the Campaign for Better Transport. A Milton Keynes to London season ticket has jumped 23.5 per cent since January 2010 to £4,888 now. Previously, the combination of lower property prices, reasonable fares and fast trains made Milton Keynes one of the best-value commuter locations — but no longer.
This change comes at a time when London’s mainline stations, busier than ever, are at the centre of ambitious regeneration that is turning the surrounding districts into property hotspots.
Not since the great Victorian railway era have mainline stations been such important commercial hubs. Crossrail has been a catalyst at Paddington, but new planning policies and multibillion-pound investment have been putting London’s other mainline stations at the heart of new mixed-use communities, with smart new homes, shops and glittering offices changing the skyline and burying the stigma of living too close to the tracks.
These much-improved neighbourhoods are popular with twentysomething and thirtysomething career professionals and those who simply love London in all its grand variety, people set to benefit from the 24-hour weekend Tube service that is being introduced in September. It’s wise to check out these areas now, as their residential values will get a big boost in coming years.
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