The pandemic has changed the way people have grown accustomed to travelling, with many forced to opt for other methods of transportation, and recently a number of Londoners have decided that their bikes would be most efficient.
Although this might have a positive effect on citizens’ health, a recent study done by Boomin has revealed that the cost of buying along one of the capital’s main cycle routes into the city is as much as £102,204 which is higher than the wider surrounding area, while some tenants are paying up to £619 more per month in rent.
The pandemic and its effect on transportation
Public transportation restrictions during the pandemic caused the capital’s tubes, buses, and trains to be emptied. This catalysed half of Londoners (52%) to look to greener alternative methods of travel such as cycling or walking.
Although the restrictions on workplaces were lifted, 53% of citizens continued to avoid tubes and buses in favour of walking and cycling, and since Covid restrictions have been lifted entirely, 40% have stuck to this trend, with only 39% left to use public transportation when going about their daily commutes.
From each corner of the capital, London gives access to six main cycling routes that provide safe passage for cyclists heading into the city. A total of no less than 14 London boroughs and 43 different postcodes pass through these arterial routes which are now regularly used by two-wheeled commuters.
Boomin analysed both the average house price and the average rent across all 43 postcodes to find the current cost of living within arm’s reach of a major London cycle route. Boomin then compared this to the wider average house price and rent for the boroughs that these routes pass through, to see just how much more it costs to live close to a major cycle route.
Increased demand along cycling routes
With more cycling becoming a necessary form of transportation for the people of London, it has spurred an increase in demand for homes within reaching distance of a cycle route, and Boomin’s research shows that 73% of London homebuyers and tenants would prioritise this means of transport, with just 27% still eager to choose property close to a tube station.
Buying property on main cycle routes
A home bought along one of London’s main cycle routes, on average, will set you back just shy of £700,000, whereas the wider cost of buying in the vicinity of which these routes pass through will cost £653,516, thus making a cycle route accessible property purchase 7%, or £46,249, and more expensive on average.
The highest property price premium is for those buying along the route from Wandsworth to Westminster, with homes selling for £886,846 on average – £102,204 (13%) more than the wider average found in the areas it passes through.
The most affordable route for those keen to get on their bike is between Tottenham and the City will only set you back £643,439 on average, almost £50,000 less than the wider cost of buying along the areas of Kentish Town to Elephant and Castle, Merton to the City (£70,627), Tower Hill to Lancaster Gate (£64,504) and Stratford to Aldgate (£26,337) – which also carries a sizeable property price premium on average.
Major cycling routes and renting
Renting within arm’s reach of a major cycle route into the city will, unfortunately, mean a rental price premium for renters, regardless of which route they decide on. The cost of renting close to a cycle superhighway into the city sits at £2,157 per month on average, which is £353 (20%) higher than the current London average of £1,804 per month.
Kentish Town and Elephant Castle has a route that runs between them and is home to the highest rental price premium, with the average rent across postcodes on the route sitting at £2,413 per month – £619 (35%) higher per month.
The route between Tower Hill and Lancaster Gate is home to the next highest rental price premium at £465 per month, followed by Wandsworth to Westminster (£379), Stratford to Aldgate (£246), Merton to the City (£228) and finally Tottenham to the City (£227).
Michael Bruce, chief executive officer and founder of Boomin, elaborates: “Cycling is perhaps the best way to traverse the capital, particularly for those heading to and from work, as it not only allows them to avoid the dreaded tube, but it’s great exercise and it can save you a considerable amount on public transport costs.”
“Of course, the downside is that London’s roads can be perilous, as we are unfortunately all too aware of, so utilising one of the capital’s major cycle routes is a great way to minimise the dangers of commuting by bike.”
He ends off by saying: “However, renting or buying close to one of these major routes will come at a greater cost, but while this may eradicate the money saved on a travel card, you can still reap the other rewards that a more active lifestyle will bring.”
