Planning to move to a more vibrant area, or to a place where the Underground is just minutes away? Maybe you are among one of those who’ll soon join us in London to study, or those who just moved to the capital for a fresh start. No matter what your reasons are, there’s a map for that – and it outlines the cost of the square foot of property within a 0.5km radius of each tube station.
Even if you’re not planning to get a mortgage yet because you haven’t even started paying off your student loan, it might give you an idea about the dream places to live that might be slightly better for your wallet… The research pieced together by TotallyMoney.com reveals the budget places for your first home.
A bed in Covent Garden
If you ever fancied living in Covent Garden (who wouldn’t’?), you can get a space that a double bed could fill for £54,928. If you thought about moving into a cupboard for a second just to live in Central London, be warned: that space wouldn’t even have the door that opens inwards. Therefore, a cost of an average one bedroom flat there would be around £976,500.
The Hammersmith and City line connects the dots representing the most expensive stations in London – it runs through Westbourne Park and Ladboke Grove, all the way to Farringdon and Liverpool Street, pushing its average property price up to £1,125.
If that’s the line you use most often, you’d probably plan to change at Baker Street and consider living by the Metropolitan line. It’s perfect for commuting to Central London, and its average property price is £504. What’s the catch? The line stretches to suburbs – up to Buckinghamshire, so your travel time will probably stretch a lot. Grab a Kindle, and make sure you activated your Netflix account.
Budget places to live in London
If you don’t have that money to spend, you might be willing to explore East or West London – and it won’t be too far from the city centre either. Bromley-by-Bow (which still allows you to live by the most expensive Tube line!) or North Acton, which are located on the border of Zone 2 and 3, are surrounded by placed priced less than £500 per square foot. The average price per square foot of properties near Bromley-by-Bow is £447 and for North Acton £487. Anywhere else? It seems that Stratford, Plaistow and Leyton are also fairly affordable.
Balance or price gap?
Let’s say you’re looking for the perfect balance. In this situation, you might want to live by the Piccadilly line. Although it shows a huge gap that London property prices suffer from (between £2,214 in Knightsbridge and £370 in Hatton Cross), it’ll get you right to Central London without making you overpay for your flat. And living anywhere around Heathrow (aforementioned Hatton Cross and Hounslow) will make your holiday escapes much easier.