How increasing your journey to a Tube/train station can save up to 25% on rent

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  • Tenants cansave 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.

In East London, the average cost of a two bed flat a 0-5 minute walk (up to 500m) from the station is £1,633 pcm. But by living a bit further out within a 10-15 minute walk, tenants can save £233. The table below details further savings which can be made for those who choose to live in a two bed flat.

 

Area of London Av. pcm cost for a 2 bed flat within 500m (0-5 min) walk from a Tube/train station Cost saving pcm on a 2 bed flat 500m-800m (5-10 min walk) from Tube/train station Cost saving pcm on a 2 bed flat 800m-1250m (10-15 min walk) from Tube/train station
East £1,633 £66 (£1,567) £233 (£1,400)
East Central £1,907 * *
North £1,574 £18 (£1,556)   £52 (£1,522)
North West £1,659 £34 (£1,625) £151 (£1,508)
South East £1,529 £23 (£1,506)   £28 (£1,501)
South West £1,658 £15 (£1,643)   £31 (£1,627)
West £1,671 £11 (£1,660)   £55 (£1,616)
West Central £1,867 * *

* 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%).

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%).

 

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