Property prices along the London Marathon route have hit the wall
Average property prices along the London Marathon route have hit the wall, according to HouseSimple.com, rising just 2.6% over the past 12 months – less than half the UK average.
But the online estate agent noted that the average price along the 26.2 mile route is still almost three-quarters-of-a-million pounds (£732,110). That’s three-and-a-half times the UK average house price.
A buyer with an 80% mortgage would need to put down a deposit of £146,422, and a first-time buyer would need more than £70,000 if they put down a 10% deposit.
Ups and downs
The two most expensive areas have actually seen significant price drops over the past year. In Embankment (£1,658,887) and St James’s Park (£2,434,099), prices have fallen 1.2% and 1.8% respectively since last year’s race. Prices in Canada Water have also dropped by 0.4%. While average prices in Woolwich – currently £340,516 and the lowest along the course – have enjoyed the biggest rise, up 8.3% since April 2016.
Alex Gosling, CEO of HouseSimple.com said: “As thousands of runners take to the streets of London this Sunday, many first-time buyers probably feel right now it would be easier to run a marathon than trying to get on the property ladder.
“Although, with prices crawling up over the past year, there’s a small ray of hope for anyone hoping to buy in the capital.”