House prices in locations near to London’s ‘cycle superhighways’ are on average 80% higher than other prices in the capital, according to Benham and Reeves.
The agency analysed the average house price in outcodes nearing each of the ‘superhighways’ in question,and how they compare to London prices as a whole, as well as the wider boroughs surrounding the capital.
It found that on average, house prices along all seven cycle superhighways were £874,578, which marks an 80% increase on the current average London house price of £485,794.
The largest cycle property price premium was found along the CS3, which runs between Tower Hill and Lancaster Gate.
The average house price along this route was £1.2m, which is 149% more than the London average. This is also higher than the average house price in three of the four boroughs that the route runs through.
The average house price along the CS5 was second highest at £1,018,929, whilst the average CS8 had the average price of £1,017,777. The prices in both areas were 110% higher than the London average.
Director of Benham and Reeves, Marc von Grundherr, said: “Although it remains the cornerstone of the property market, London is as susceptible to change as the rest of the UK sector and there’s no doubt that the current impact of COVID-19 will influence prices and transactions over the coming months.
“Traditionally, the sought after feature of a nearby tube station would have allowed sellers to command a higher price than other similar properties in the area, but while travel remains restricted and apprehensions around public transport are high, this will no longer be the case.”
He added: “With government advice to avoid public transport where necessary, we’ve already seen a 17% uplift in the number of people enquiring on homes close to Cycle Superhighway and as these transport routes soar in popularity, property values will continue to follow suit.
“Much like the spillover effect we’ve seen in more affordable boroughs surrounding popular locations, as well as the London commuter zone, the wider areas along these routes should also see an uplift in market health as people look for a more affordable option close to a cycle superhighway.”