Average property price along the London Marathon route is more than £700,000
This Sunday will see more than 38,000 professional athletes and fun runners pound the streets in the 36th London Marathon, but with average property prices along the route seeing an increase of 15.6%, keeping pace with the capital’s property market may be harder than keeping pace with the professional runners.
Online estate agents HouseSimple.com has analysed average property prices at each mile point along the London Marathon route and compared those prices to 12 months ago, and with average prices overall along the course up almost £100,000 in a year, the London property market could rival the pace of the front runners this weekend.
A buyer with an 80% mortgage would need to put down a deposit of £142,483, and a first time buyer with a 10% deposit would need more than £70,000.
The following table shows current average property prices along the London Marathon route and how much they have risen since last year’s race:
Prices pause for breath at the third and fourth mile in Woolwich, which has the lowest house prices of anywhere on the course. Average prices in Woolwich are currently £314,446, a substantial 55.9% lower than the route’s average.
At Blackfriars, two miles from the finishing line, house prices ‘hit the wall’, with growth of just 4.2% in the past 12 months, suggesting that the property market in this Thames-side spot might be starting to plateau. However, house prices seem to get a second wind at Embankment, where property prices have seen the biggest increase since April 2015, with a rise of 44%.
Alex Gosling, CEO of online estate agents HouseSimple.com comments: “As thousands of runners pound the streets of London this Sunday, many first-time buyers probably feel right now that it would be easier to run a marathon than it is trying to get onto the property ladder.
“This research does reveal the vast difference in property prices in London, even along the Marathon route. From Woolwich, where average prices are a little over £300,000, to St James, where prices are close to £2.5m; these two areas might be separated by just 23 miles on the course, but they are different worlds where property prices are concerned.”