- 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)|
|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)|
* 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%).