Value of homes on marathon route soars

April 26, 2016 by Brendan

House Prices

Properties located on the route of the London Marathon have experienced a dramatic increase during the last 12 months.

According to a report compiled by HouseSimple.com, the price of an average home on the London Marathon route has increased by almost £100,000.

The average price for a property on the route is now £712,416, making an increase of £95,997. However, prices along the route vary dramatically, from the cheapest property at Woolwich valued at just below £315,000 and the most expensive at St. James valued at £2.5m.

The study was released just before Sunday’s Marathon, comparing prices at every mile along the route with last year’s prices. St. James is located at the 26th mile of the route, and properties there increased by 22%. Woolwich is located at the third and fourth mile of the route, where properties have increased in value by an average 7.7%. Blackfriars, which is two miles before the finishing line of the marathon, has seen prices increase by just 4.2% during the last 12 months.

According to the chief executive of HouseSimple.com, Alex Gosling, a large number of first-time buyers may feel like they are running a marathon, as they attempt to get onto the property ladder.

The study reveals the massive difference in property prices just along the route of the race. First-time buyers are advised to speak to a mortgage adviser who has taken a CeMAP training course and will be able to offer some professional advice.