Proximity to cycle paths influences property prices02/11/2009 News
Secure bike storage and proximity to cycle paths are rivalling Tube stations and car parking in determining London’s most sought-after properties, claims an article in London’s Evening Standard.
Stephen Ludlow, director of estate agency Ludlow Thompson, told the newspaper that 20 to 35-year-olds were making homes with bike storage and near cycle paths increasingly important.
“It used to be the case that proximity to a Tube station was critical to rent and house prices. Now that’s becoming less decisive. The location of a cycle path can be a stronger selling point to a cyclist than a Tube stop.”
Mark Hutton, manager of estate agency Douglas & Gordon in Battersea, said: “People are looking for homes with outdoor sheds, basement car parking or purpose-built blocks with allocated bike parking.”
The Evening Standard interviewed home seeker Sophie Wintrich, a patient liaison officer. She has cycled from Streatham Hill to her work in Camberwell for two years. She said a secure place to store her bike and having work within riding distance would be key criteria as she looked for a new home.
Tubes and buses are not a concern, as long as she can ride to work in less than 30 minutes. She said she would “definitely be drawn by a nice cycle path nearby”.