House prices along London’s Cycleway routes are 80% higher than the London average, according to research carried out for letting agents Benham & Reeves. They looked at house prices along the seven cycleway routes and compared them with the average price for London. House prices along all seven cycle superhighways averaged £874,578, which is 80% higher than the current London average of £485,794.
Does that mean that proximity to a cycle lane positively affects the price of property? Do people actually seek out properties beside a cycleway route or is it just that the cycleway routes have been put through London’s most expensive areas, which tend to be bullet proof price-wise? I asked the director of Benham and Reeves, Marc von Grundherr.
In truth, he said, their research didn’t really prove that cycle lanes cause an increase in the price of property. Their research isn’t that detailed, but what it certainly shows is that cycle lanes don’t cause a depreciation in prices.
“I hate cycle lanes with a passion” he said. “I like driving around London, but what our research shows is that well located properties in expensive areas aren’t negatively affected by the introduction of cycle lanes”.
So that’s good news for people who own properties near the High Rd or in Wellesley Rd. In the most expensive area where there’s a Cycleway – CS9 from Tower Hill to Lancaster Gate – properties are 150% above the London average.
“With the congestion zone and the costs of running a car and parking, I think cycling is one of those alternatives to public transport that people are looking to, and I think if you work in the City there’s increasing interest from people wanting to be able to jump on a nearby cycle lane”.
“One of the questions developers are most often asked (from people buying off plan) is will there be somewhere where I can store my bike?”
This news doesn’t really come as any surprise to Marc, he told me, as he did some research when ‘Boris bikes’ were first introduced.
“Rental properties within 200 yards of a bike stand increased the rental income by 15%” he said.