House prices near stations in London, Manchester, and Glasgow were discovered to be higher.
According to research, home buyers in London pay a premium of roughly £50,000 to live close to public transportation.
According to Nationwide Building Society, those in Glasgow and Manchester will spend nearly £11,000 more on average.
House prices within 500 meters of the nearest metro or railway station were compared to similar properties 1.5 kilometers away across the country.
People in London pay an average of £46,800 more to be close to a station, according to the study.
The average cost of living near a station in Glasgow is £11,400, whereas the cost in Greater Manchester is roughly £11,000 higher.
Despite lower public transportation utilization, the pandemic does not appear to have impacted the value of being nearby to a station in London.
Premiums for being close to a station have risen in London and Glasgow in recent months, but have fallen in Manchester, according to researchers.
“London property buyers still look willing to pay a large premium for being close to a station compared to those in Glasgow and Greater Manchester,” said Andrew Harvey, Nationwide’s senior economist.
“This is likely due to the capital’s higher reliance on public transportation, with people being less likely to drive.
“Despite lower public transportation utilization, the pandemic does not appear to have affected the appeal of being nearby to a station in London. Indeed, our research reveals that the premium has risen marginally since the beginning of the pandemic.
“In the Greater Glasgow area, we’ve also noticed a substantial increase in the premium for being close to a station, while in Greater Manchester, property buyers appear to be placing a little less value on being close to a rail or tram stop compared to before the pandemic.”
“It’s probable that during the epidemic, property purchasers’ preferences in the Higher Manchester area have shifted, with a greater emphasis placed on things like local amenities and access to outdoor space,” he added.
“The Circle line serves the capital’s most costly regions, taking in much of central London and also sections of west London,” Mr Harvey said of London. Average house prices. (This is a short article)