You are here: Home -

Property prices along the London Marathon route have hit the wall

0
Written by:
21/04/2017
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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Save money now!

See how much you could potentially save by remortgaging to a different product

Your Mortgage Guides

Guide to Offset Mortgages

Download our handy guide to offset mortgages, brought to you in partnership with Scottish Widows Bank

Read More >

How much can you borrow?

A calculator designed to help you understand how much you can borrow towards your property
Read previous post:
mortgage rates
Lowest-ever mortgage rate launched by Yorkshire Building Society

Mortgage rates have hit an all-time low this week with a stonking new deal launched by Yorkshire Building Society. The...

Close