Buyers and Tenants Pay a Premium for Homes Near Main Cycle Routes
Homes along London’s main cycle routes cost as much as £105,000 more than properties further away, new research has found. Tenants are also paying an additional £600 a month in rent to live close to the capital’s cycle highways. And almost three quarters (73%) of buyers and tenants say they would prioritise cycle routes when choosing a new home.
The data from property platform Boomin, analysed house prices and rents close to major London cycle routes and compared them to the average cost of buying or renting in the boroughs the routes pass through.
London has six major routes, previously known as cycle superhighways, offering cyclists a safer commute to the city from all corners of the capital.
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According to the research, the average cost of a property close to these routes is £700,000, compared to £653,516 elsewhere – equating to 7%, or £46,249, more expensive. The cost of renting close to a cycle superhighway is more than £350 or 20% higher, on average.
The highest price differential is along the route from Wandsworth to Westminster at more than £100,000. However, a property along the route from Kentish Town to Elephant and Castle would also cost £70,000 more to buy on average. Renting close to the same route would be more than £600, or 35%, higher.
The research follows a huge increase in people switching their commute to cycling during the pandemic, when more than half (52%) of Londoners said they had looked at alternative means of travel such as cycling or walking.
According to Michael Bruce of Boomin: “Cycling is perhaps the best way to traverse the capital, particularly for those heading to and from work, as it not only allows them to avoid the dreaded tube, but it’s great exercise and it can save you a considerable amount on public transport costs.”
Read more about this story on the Property Reporter website.