Of all the areas featured on the London Underground network, High Street Kensington has been named as the area with the highest monthly mortgage payment, research has revealed.
Mortgage adviser Alexander Hall revealed the monthly cost of a mortgage across the London Underground network, as well as which line was home to the largest mortgage market gap between the most and least affordable stations.
Alexander Hall analysed the current cost of a mortgage across every station on the London Underground, including the Elizabeth Line and DLR, looking at the monthly repayment required based on the average house price in each station postcode.
High Street Kensington was home to the highest monthly mortgage payment at £9,890 per month.
Heathrow was the most affordable, with an average monthly payment of just £1,316 – some £8,500 cheaper than High Street Kensington.
At an average of £5,632 per month, the Waterloo and City line topped the table for the highest average monthly mortgage payment across all network lines.
The Circle line came in second, with the average cost of a mortgage across the line costing £5,323 per month.
The Victoria line was the third most expensive with a mortgage costing an average of £4,027 per month, with the Northern (£3,894) and District (£3,891) lines also among the most expensive for a mortgage.
The DLR ranked as the most affordable with an average monthly mortgage cost of £2,610 per month, just beating the Elizabeth line (£2,620).
When it comes to the line with the largest mortgage market gap between the most and least affordable station, the District line topped the table.
There was a difference of £8,248 per month between the average monthly mortgage payment in High Street Kensington (£9,890) and Upney (£1,642).
The Piccadilly line and the Elizabeth line were home to the second largest mortgage gap.
The average monthly cost of a mortgage in both Piccadilly Circus and Tottenham Court Road, priced at £8,496, was £7,181 higher than Heathrow at £1,316.
Across the Hammersmith and City line, a property around Great Portland Street was found to set buyers back £6,854 more per month for the average mortgage versus buying in Barking.
Stephanie Daley, director of partnerships at Alexander Hall, said: “London property values have been holding steady over the past year and we know the capital remains home to the strongest housing market with respect to the price commanded for bricks and mortar.
“This is particularly evident when looking at the average monthly mortgage payment required, with this cost hitting almost £10,000 across the most prestigious pockets of the London property market.
“However, one weapon in the arsenal of London homebuyers is the capital’s outstanding transport links and the London Underground, in particular.
“As our research shows, you can dramatically reduce the cost of your mortgage by looking further along the tube line that runs through your ideal destination.
“Whilst you may not want to adjust your expectations from High Street Kensington to Barking, you may well find that even a stop or two can help to cut the cost required to climb the London ladder.”
