With the London Marathon this weekend, thousands of people are flocking to the capital to line the streets and show their support for the runners. Property marketplace, TheHouseShop.com have utilised their own data to create a property price map (URL for Infographic: https://www.thehouseshop.com/london-marathon-property-price-map), showing average property prices, as well as rental prices, both long and short-term for the official marathon route.
The results show that Embankment is the most expensive spectator spot, for both buyers and renters, with prices in excess of £1,600,000. At the other end of the spectrum, Woolwich is the most affordable location with prices at almost a quarter of the Embankment. St.James’s Park tops the short-term let table with average prices of £550, while Mudchute sits at the lower end, as landlords charge almost a fifth of this price.
The London marathon is a staple of the capital’s calendar. Those with property along the route have managed to get the best seats to one of the biggest events in the city. But how much have they paid for these front row positions?
Runners will start at Greenwich Park, a popular catchment area for excellent schools and great travel connections. Property prices here are, on average, around £480,000, keeping the starting line towards the lower end of the price table. At around 3 miles, the fresh-faced runners will be flying past some of the cheapest houses along the track, as the average housing price in Woolwich sits at an affordable £280,000. Interestingly, their short-term let prices sit on the upper end of the table, at approximately £200 per night.
House prices quickly increase as only a few miles ahead, at Westcombe Park, the average cost more than doubles to £570,000. From here, prices continue to rise; the further the runners go, the higher the properties cost.
Mudchute is the sixth most expensive area along the route with prices averaging £690,000. Interestingly, the area is the cheapest for short-term lets, with properties available from only £100 a night over the marathon weekend.
Once the runners hit Tower Hill, at 23 miles in, they are on the home stretch. But this is where the property prices begin to double. From the second cheapest area, Shadwell, with property prices around £450,000, the runners will then move to Tower Hill, passing properties worth over £1,000,000.
Within the space of 2 miles the average house price more than doubles. Tower Hill and Blackfriars both have price tags of £1,100,000. Making these areas the joint third most expensive areas along the London Marathon route.
As the runners’ legs become weak and they begin to run out of steam, they can look around them and admire the most expensive properties along the course. Embankment is host to properties worth in excess of £1,600,000. Making this the top of the list of average property prices. The area is also the most expensive rental area along the official course route, with properties costing around £3,300 a month. Canary Wharf came second for rental prices, with landlords charging around £2,900 per month.
As the runners finally cross the finish line, residents of St. James’s Park can witness this triumphant moment from the windows of their £1,300,000 property. Tenants in St. James’s Park can expect to pay, on average, £2,700 per month, making it the third most expensive long-term rental area.
If you are looking to get away from the hustle and bustle of the marathon weekend and earn a little money at the same time, then you can always opt to short-let your property. St. James’s Park is the most expensive area for short-lets, offering the opportunity for landlords to earn approximately £550 a night for the weekend. Canary Wharf and Embankment came a close second with landlords charging around £500 a night for front row seats to the marathon.
Nick Marr, co-founder of TheHouseShop.com, gives his comments on the property price route:
“Despite the London property market experiencing a drop of 0.5% over the last year, property prices in our capital will still make a significant dent in your wallet. It isn’t surprising to see Embankment and St. James’s Park so high up the list. A zone 1 property in such a centralised position is obviously going to come with a hefty price tag.
“The prices of short-term rentals are very interesting, as tourists from all over the country and the world swarm over the city and, inevitably, need somewhere to stay. Due to high-demand, prices for short-term rentals skyrocket during this weekend, making it the perfect opportunity to gain a little extra pocket money for any lucky property owners. With prices from £100 a night, spectators can enjoy a bustle-free view from the comfort of their balcony or window. While landlords can get a break from the crowds and be paid to do so.”
“The research has given us a great insight into current property prices in popular, central London locations and the premium that the Marathon brings.”
“Best of luck to all of the runners that are taking part this year. It is great to see so many people raising money for such deserving causes.”