A new analysis of the British
lettings market shows that two-thirds of privately rented property in
the UK is within one mile of a railway or underground station.
Younger residents of city and town
centres where stations tend to be found are 40 per cent less likely to
own a car and more than twice as likely to live in rented accommodation
than the average working person according to Countrywide.
The time to let a property, rather
than its achieved rent, is the stronger indicator of the desirability
attached to properties close to rail stations, Countrywide says.
A home within a mile, or 15
minutes’ walk, of a rail station takes an average of 39 days to let, six
days quicker than a home more than a mile away. However, the uplift in
achievable rent is marginal. An increase in the average time to let a
property that is more than a mile from a rail station is a reflection of
the furthest distance a tenant is prepared to walk.
In London, where levels of car
ownership are lowest, homes in the least accessible locations take the
longest time to let. Countrywide says this is equivalent to an
additional £225 in lost rent due to the additional time to find a tenant
every time a property becomes vacant.
However, rental properties directly
next to rail stations are not the fastest to let - probably because of
noise and possibly lack of privacy. It takes an average of two extra
days to let a property next to a rail station in comparison to an
identical home half a mile away.
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