As the capital prepares to be thrown into disarray by another Tube strike online estate agency eMoov has found that demand to live on the network remains high.
East London stations have seen the largest increase in demand since February, accounting for 8 out of the top 10 climbers where demand is concerned.
East Ham (+26%), Woodford (+25%) and Upminster Bridge (+23%) have all enjoyed the largest increases in demand. They’re also joined by Upton Park (+22%), Barking, Barkingside, Walthamstow Central, and Stratford all up by +19%. Colliers Wood and Chesham complete the top 10 highest climbers, with demand up by +22%.
Watford is currently the hottest tube stop on the network with demand at 78%. But a word of warning for those buying and selling property in the area. With the tube station due to move to the Watford Junction, buying closer to this area rather than the current tube stop, may be a smarter move.
It’s not all good news for London sellers, as many as ¼ of tube stops have seen demand for property surrounding the station drop.
Amongst the worst hit are Chorley Wood (-13%), Mill Hill East (-10%), Northwood (-8%). Woodside Park, Rickmansworth and Ruislip Gardens have all fallen by -7%. Debden and Kilburn (-6%) and West Hampstead and Uxbridge (-5%) all complete the top ten of stations that have declined in demand. At 13%, demand around Bond Street, Oxford Circus and Marble Arch was the lowest of all tube stops across the network.
In their previous Hotspots Index, eMoov highlighted the current trend of central London sellers shifting to outer zones, in order to find a more affordable property.
It would seem this is still the case as some of the biggest shifts in property demand are in Zones 3 (+21%) and 4 (+19%), far outstripping that of Zones 1 (+10%) and 2 (+6%).
Regardless of which line London homeowners reside on, there has been a rise in demand in the last six months right across the board, although some have fared better than others.
Surprisingly it is the Central Line comes out on top of all lines, with demand for property at 48%. Stations along the central artery of the capital have enjoyed an increase of +14% in demand since the start of the year.
It is closely followed by the Hammersmith and City Line where demand for property is currently at 47%. However the Jubilee Line is the one to watch, with the third highest demand (40%) and the largest increase in the last six months (+18%).
The Circle, Northern and Victoria Lines (37%) are currently showing the lowest demand for property throughout the network. This said with a rise in demand of +16%, the Victoria Line has enjoyed the second largest increase since January.
Interestingly the index showed no difference in demand between those stations due to benefit from September’s extension to a night time service and those that won’t run a 24 hour service (13%).
Property expert Russell Quirk, founder and CEO of eMoov, said: “Our research shows that the East London property market is on fire at the moment. From city brokers, trendy hipsters to commuting parents, the East offers up a variety of property for every type of homeowner.
“With great transport links via the Jubilee and Central Lines as well as the development of the Cross Rail project, strength of demand in this areas should remain due to the improving transport infrastructure, as well as the affordability of property when compared to the rest of the capital.
“London continues to be the property investment Mecca with demand remaining high as people try to get a foot on the ladder, make a return on their investment, or even just secure a small piece of the capital to call their own.”