Landlord Insurance News
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Are properties close to London transport links more attractive to tenants?
19th April 2012
London is a lucrative market for any landlord, with so many couples and families unable to get on the property ladder and forced to rent, and thousands of young professionals looking to spend a few years in the city before they move on.
Of course some parts of the capital are more sought-after than others by tenants, but it's likely that the closer your property is to a public transport link, whichever part of London it's located in, it will be more attractive than one further away.
A new survey by Nationwide shows that when it comes to buying a home, Londoners are willing to pay substantially more to live within 1,500 metres of a train or tube station, with the premium increasing the closer they get.
For example, a property situated 500 metres from a tube or train station would command nine per cent more than the typical price of a London home, while a dwelling located 1,000 metres away would attract a 4.1 per cent premium.
Of course the survey focuses on home buying, but it's likely that when seeking out a property to rent, its proximity to public transport connections will be a top priority for many of those living and working in the capital.
The good news for landlords looking to beef up their London property portfolios with houses and flats that fit the bill is that only six per cent of the city's residential buildings are more than 1,500 metres away from a tube or train station.
If you have a lot of sought-after properties in your portfolio, you'd be wise to review your residential landlord insurance cover to make sure all your assets are fully protected.
Future transport projects like the Thameslink Programme and Crossrail are also important to consider when buying new rental homes, as these could have an impact on the appeal of properties in the affected areas in years to come.
Indeed, Nationwide pointed out that property prices in Hackney have risen by 11 per cent since the reopening of the East London Line on the London Overground network in April 2010.