1,948,968 People use Mill Hill Broadway Train Station a year – How does that affect the Edgware Property Market?
It might surprise you that it isn’t always the poshest villages around Edgware or the swankiest Edgware streets where properties sell and let the quickest. Quite often, it’s the ones that have the best transport links. I mean, there is a reason why one of the most popular property programmes on television is called Location, Location, Location!
As an agent in Edgware, I am frequently confronted with queries about the Edgware property market, and most days I am asked, “What is the best part of Edgware and its villages to live in these days?”, chiefly from new-comers. Now the answer is different for each person – a lot depends on the demographics of their family, their age, schooling requirements and interests etc. Nonetheless, one of the principal necessities for most tenants and buyers is ease of access to transport links, including public transport – of which the railways are very important.
Official figures recently released state that, in total, 2,677 people jump on a train each and every day from Mill Hill Broadway Train station. Of those, 1,695 are season ticket holders. That’s a lot of money being spent when a season ticket, standard class, to Central London is £1,892 a year.
So, if up to £3.21m is being spent on rail season tickets each year from Mill Hill Broadway, those commuters must have some impressive jobs and incomes to allow them to afford that season ticket in the first place. That means demand for middle to upper market properties remains strong in Edgware and the surrounding area and so, in turn, these are the type of people whom are happy to invest in the Edgware buy to let market – providing homes for the tenants of Edgware…
The bottom line is that property values in Edgware would be much lower, by at least 3% to 4%, if it wasn’t for the proximity of the railway station and the people it serves in the area
And this isn’t a flash in the pan. Rail is becoming increasingly important as the costs associated with car travel continue to rise and roads are becoming more and more congested. This has resulted in a huge surge in rail travel.
Overall usage of the station at Mill Hill Broadway has increased over the last 20 years. In 1997, a total of 940,506 people went through the barriers or connected with another train at the station in that 12-month period. However, in 2016, that figure had risen to 1,948,968 people using the station (that’s 5,354 people a day).
The juxtaposition of the property and the train station has an important effect on the value and saleability of an Edgware property. It is also significant for tenants – so if you are an Edgware buy to let investor looking for a property – the distance to and from the railway station can be extremely significant.
One of the first things house buyers and tenants do when surfing the web for somewhere to live is find out the proximity of a property to the train station. That is why Rightmove displays the distance to the railway station alongside each and every property on their website.
For more thoughts on the Edgware Property market – please visit the Edgware Property Blog
If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Edgware Property Market together with regular postings on what I consider the best buy to let deals in Edgware, out of the many of properties on the market, irrespective of which agent is selling it, then feel free to get in touch! Email me at Steve@benjaminstevens.co.uk
If you are in the area feel free to pop into the office we are based at 194 Station Road Edgware Middlesex HA8 7AT– the kettle is always on.
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