We’re all aware about how high house prices in London are, but this new Tube map highlights the spiralling costs of living in the capital.
If you’re thinking of buying a property in London, this reimagined Underground map details exactly how much it costs on average to purchase a home near each Tube station.
TotallyMoney.com has put together the handy, if depressing, map to show the average house price per square foot within 0.3 miles of every London Underground station.
To put it into context, the average one-bedroom flat in the capital is around 500 square feet – with many areas on the map costing over £1,000 per square foot, it’s not difficult to realise that you’re going to need a hefty mortgage and a huge deposit to secure a property in London.
The map shows that the Hammersmith & City line is the most expensive in the capital, with an average price of £1,125 per square foot. Meanwhile, the Metropolitan line is home to the cheapest property price, at £504 per square foot.
However, it is worth noting that the Metropolitan line stretches into zone 9, meaning that although you will save on house prices, you will have a seriously long and expensive commute.
The latest Government data puts the average house price in London at £470,000. However, online estate agent eMoov claims that less than half of all homes in the capital are priced at the average value or below. Therefore, it may be more difficult to find an affordable home than you think.
Unsurprisingly, ahead of next week’s EU referendum, property sales have halved in prime central London, as buyers face the uncertainty of the vote.
And the news isn’t any better for tenants in the capital – according to one London estate agent, the average renter spends a huge 70% of their income on rent and bills.
Use the handy map above to find out where you can afford to buy a property in London.