Research by London lettings and estate agent, Benham and Reeves, has revealed how homeowners surrounding one of the capital’s forgotten tube stations could benefit by as much as £50,000 if plans to connect their area to the world’s most famous underground rail network were resurrected.
Benham and Reeves analysed current market values in 30 postcodes that were once planned to benefit from a tube station of their very own, either by the London Underground or an earlier independent company, with the plans even gaining parliamentary approval.
They then looked at the property price premium that comes as a result of living within close proximity to an existing tube station and how this would boost current house prices in these areas today should these plans be resurrected.
It’s thought that the close proximity of a tube station can add 3.2% to the value of a London home. The research by Benham and Reeves found that the average price for homes across these 30 postcodes of forgotten tube stations currently stands at £614,307.
If plans to connect them to the London Underground network were to go ahead today, it could boost property values within these postcodes by an average of £19,658 in today’s market.
The biggest house price boost would be found around the forgotten station of Aldwych in the WC2 postcode, which was planned to be added during phase 2 of what we now know as the Jubilee Line in 1971 but cancelled in 1989. If these plans were to go ahead today, it could boost surrounding property values by as much as £49,778 in today’s market.
In 1903, the Charing Cross, Euston and Hampstead Railway, planned to add the station of North End to the Northern Line and while it was partly built at platform level, these plans were abandoned just three years later. If the station were to be added to the network today, it could boost property values by £35,000.
Heatherfield Field Terrace in the W4 postcode, Clerkenwell in EC1, Emlyn Road and Rylett Road in W6 are also some of the forgotten tube stations that could add the largest property price premiums in today’s market, with Benham and Reeves estimating they could boost the local market by between £25,000 to £26,000.
Even the long forgotten proposed additions to the District Line, Cheam and Collingwood Road, could add £12,618 for homeowners living within the SM1 postcode if the proposed plans were to be resurrected.
Director of Benham and Reeves, Marc von Grundherr, says: “Over the last century or so there have been numerous proposals to extend the London Underground network, too many to mention in fact. However, only a number were ever granted parliamentary approval and even then, these plans unfortunately fell by the wayside.
Had they come to fruition, those homeowners residing around one of the capital’s forgotten tube stations today would have no doubt benefited from a sizable boost to the value of their home, with a nearby tube station remaining one of the most sought after amenities amongst London homebuyers.
Over the years, the expansion of the network has ensured that some of these areas home to a forgotten tube stop do now benefit from a nearby underground station. Unfortunately for some, particularly those south of the river, this isn’t the case and this has no doubt stunted the growth of local property values.
Should these proposed stations be revived today, they could help boost house prices by quite some margin in the areas that would be due to benefit.”
Data tables and sources can be viewed online, here.