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Property on London cycle routes more expensive

Similar picture for rental market where cost of living close to main cycle routes is 20 per cent (£353 per month) greater than average

London properties along major cycle routes are on average seven per cent more expensive than the surrounding area, with renters paying a 20 per cent premium to live close to the routes formerly called Cycle Superhighways.

The figures come courtesy of Boomin, and saw the property website study average buying and renting prices of the 43 London postcodes the capital's main cycleways pass through, before comparing with the average price in the wider borough to paint a picture of how much more living next to one of the cycle routes costs.

Transport for London is in the process of rebranding the aforementioned Cycle Superhighways as Cycleways, with Boomin analysing prices along six main routes: Kentish Town to Elephant and Castle, Merton to the City, Tower Hill to Lancaster Gate, Stratford to Aldgate, Wandsworth to Westminster, and Tottenham to the City

> Families flock to London's Cycle Superhighways

Citing a change in attitudes towards cycling since the pandemic, Boomin's research found that 73 per cent of London buyers and tenants would now prioritise living within close proximity of a major cycle route over living similarly close to a tube station.

It also showed the premium of living close to a cycle route, with a major cycleway accessible property on average £46,249 (7 per cent) more expensive than the cost of buying elsewhere in the borough.

The London average of buying along one of the capital's main cycle routes is £700,000, while the wider average of buying in the boroughs they pass through is £653,516.

The rental market showed an even greater percentage disparity between tenancies close to cycle routes and those elsewhere in the borough.

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On average, renting close to one of the six studied Cycle Superhighways is £2,157, 20 per cent (£353) higher than the London average of £1,804 per month.

The Kentish Town to Elephant and Castle route saw the greatest mark-up, with prices on the cycle route setting tenants back an average of £2,413 per month, £619 (35 per cent) more than properties elsewhere in the borough.

All six routes have a rental premium, to differing degrees. Tower Hill to Lancaster Gate (£465 per month) was second highest, backed up by Wandsworth to Westminster (£379), Stratford to Aldgate (£246), Merton to the City (£228) and Tottenham to the City (£227).

On the buying side, Tottenham to the City was the only one of the six to have cheaper prices along the route than elsewhere, with a cycleway property setting you back on average £643,439 – just under £50,000 less than the average cost of buying in the four boroughs it bisects.

Wandsworth to Westminster has the highest premium at £886,846, £102,204 (13 per cent) higher, while Kentish Town to Elephant and Castle (£70,627), Merton to the City (£70,627), Tower Hill to Lancaster Gate (£64,504) and Stratford to Aldgate (£26,337) all also suggested major cycle route premiums.

Michael Bruce, CEO and Founder of Boomin told the London Post: "Cycling is perhaps the best way to traverse the capital, particularly for those heading to and from work, as it not only allows them to avoid the dreaded tube, but it's great exercise and it can save you a considerable amount on public transport costs.

"Of course, the downside is that London's roads can be perilous, as we are unfortunately all too aware of, so utilising one of the capital's major cycle routes is a great way to minimise the dangers of commuting by bike.

"However, renting or buying close to one of these major routes will come at a greater cost, but while this may eradicate the money saved on a travel card, you can still reap the other rewards that a more active lifestyle will bring."

Dan is the news editor and has spent the past four years writing stories and features, as well as (hopefully) keeping you entertained on the live blog. Having previously written about nearly every other sport under the sun for the Express, and the weird and wonderful world of non-league football for the Non-League Paper, Dan joined in 2020. Come the weekend you'll find him labouring up a hill, probably with a mouth full of jelly babies, or making a bonk-induced trip to a south of England petrol station... in search of more jelly babies.

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eburtthebike | 2 years ago

This phenomenon has been known for decades, with the properties close to the Bristol/Bath path fetching higher prices than those farther away.

Dnnnnnn replied to eburtthebike | 2 years ago

That's true of anything 'desirable' though, e.g. parks, good schools, a popular high street. And the B-to-B route is more like a linear park than these London routes - green, quiet and used for things other than cycling.
There may be some discernible effect from the London routes - but this 'study' can't tell you.

AlsoSomniloquism | 2 years ago

So people would supposedly pay more to not have to cycle far? Seems very backwards to me. 

Steve K | 2 years ago

Does the research compare with what the differential was (if any) prior to the lanes being put in place?

mdavidford replied to Steve K | 2 years ago

I think the answer to that is 'no', and similarly for looking at other possible correlative factors (e.g. do cycleways tend to run through areas that provide more shopping opportunities, etc.?).

Steve K replied to mdavidford | 2 years ago

Yes, that's what I thought.  The headline sounded like good news, but the research did seem to have some potential holes in it.

Rendel Harris replied to mdavidford | 2 years ago

mdavidford wrote:

I think the answer to that is 'no', and similarly for looking at other possible correlative factors (e.g. do cycleways tend to run through areas that provide more shopping opportunities, etc.?).

All the superhighways pretty much follow major transit routes, naturally enough, so any property close to a superhighway is always also going to be close to bus stops and tube and railway stations, locations that always command a premium in London anyway. 

Global Nomad replied to Steve K | 2 years ago

doesn't seem clear on what basis assessment was made or how 'close to cyleways' means....prices in neighbouring London streets can vary markedly. Its also not clear what other criteria were taken into account, or how it compares to being close to tube or bus stops, parking etc. A bit too vague to be useful beyond PR/marketing

Dnnnnnn replied to Global Nomad | 2 years ago

Global Nomad wrote:

A bit too vague to be useful beyond PR/marketing

That's a very kind judgement. It's almost certainly complete bollocks - at least as research (it has gotten them some decent free coverage though, which was invariably the intention).

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