Research by London lettings and estate agent, Benham and Reeves, has revealed how homeowners surrounding one of the capital’s forgotten tube stations could benefit by as much as £50,000 if plans to connect their area to the world’s most famous underground rail network were resurrected.
Benham and Reeves analysed current market values in 30 postcodes that were once planned to benefit from a tube station of their very own, either by the London Underground or an earlier independent company, with the plans even gaining parliamentary approval.
They then looked at the property price premium that comes as a result of living within close proximity to an existing tube station and how this would boost current house prices in these areas today should these plans be resurrected.
It’s thought that the close proximity of a tube station can add 3.2% to the value of a London home. The research by Benham and Reeves found that the average price for homes across these 30 postcodes of forgotten tube stations currently stands at £614,307.
If plans to connect them to the London Underground network were to go ahead today, it could boost property values within these postcodes by an average of £19,658 in today’s market.
The biggest house price boost would be found around the forgotten station of Aldwych in the WC2 postcode, which was planned to be added during phase 2 of what we now know as the Jubilee Line in 1971 but cancelled in 1989. If these plans were to go ahead today, it could boost surrounding property values by as much as £49,778 in today’s market.
In 1903, the Charing Cross, Euston and Hampstead Railway, planned to add the station of North End to the Northern Line and while it was partly built at platform level, these plans were abandoned just three years later. If the station were to be added to the network today, it could boost property values by £35,000.
Heatherfield Field Terrace in the W4 postcode, Clerkenwell in EC1, Emlyn Road and Rylett Road in W6 are also some of the forgotten tube stations that could add the largest property price premiums in today’s market, with Benham and Reeves estimating they could boost the local market by between £25,000 to £26,000.
Even the long forgotten proposed additions to the District Line, Cheam and Collingwood Road, could add £12,618 for homeowners living within the SM1 postcode if the proposed plans were to be resurrected.
Director of Benham and Reeves, Marc von Grundherr, says:
“Over the last century or so there have been numerous proposals to extend the London Underground network, too many to mention in fact. However, only a number were ever granted parliamentary approval and even then, these plans unfortunately fell by the wayside.
Had they come to fruition, those homeowners residing around one of the capital’s forgotten tube stations today would have no doubt benefited from a sizable boost to the value of their home, with a nearby tube station remaining one of the most sought after amenities amongst London homebuyers.
Over the years, the expansion of the network has ensured that some of these areas home to a forgotten tube stop do now benefit from a nearby underground station. Unfortunately for some, particularly those south of the river, this isn’t the case and this has no doubt stunted the growth of local property values.
Should these proposed stations be revived today, they could help boost house prices by quite some margin in the areas that would be due to benefit.”
Station
Line
Planned
Cancelled
Proposed project
Info
Proposed station outcode
Current Average House Price
Potential tube top premium & 3.2% increase on current average house price
Aldwych
Fleet
1971
1989
Expansion of existing station on new route
Part of the cancelled phase 2 of the original Fleet (now Jubilee) line plans
WC2R
£1,555,554
£49,778
North End
Northern
1903
1906
New station on new route
Planned by the Charing Cross, Euston and Hampstead Railway, but abandoned, partly built at platform level
NW3
£1,091,950
£34,942
Heathfield Terrace
Central
1913
1919
New station on new route
Abandoned proposal for an extension to Richmond
W4
£822,788
£26,329
Clerkenwell
Metropolitan Railway
1911
1932
New station on existing route
Unbuilt station on the Metropolitan Railway
EC1R
£803,323
£25,706
Emlyn Road
Central
1913
1919
New station on new route
Abandoned proposal for an extension to Richmond
W6
£788,538
£25,233
Rylett Road
Central
1913
1919
New station on new route
Abandoned proposal for an extension to Richmond
W6
£788,538
£25,233
Cranley Gardens
Northern
1935
1954
Transfer of mainline station and route
Abandoned part of Northern Heights Project. Transfer from LNER.
N10
£745,178
£23,846
Muswell Hill
Northern
1935
1954
Transfer of mainline station and route
Abandoned part of Northern Heights Project. Transfer from LNER.
N10
£745,178
£23,846
Paddenswick Road
Central
1913
1919
New station on new route
Abandoned proposal for an extension to Richmond
W12
£728,522
£23,313
The Grove
Central
1913
1919
New station on new route
Abandoned proposal for an extension to Richmond
W12
£728,522
£23,313
Burgess Park
Bakerloo
–
–
New station on extension
Route safeguarded and project on hold
SE1
£709,238
£22,696
St George’s Circus
City & Brixton Railway
1898
1902
New station on new route
Company failed to raise funds and permissions expired
SE1
£709,238
£22,696
Cannon Hill
District
1910
1923
New station on new route
Unbuilt station on the Wimbledon & Sutton Railway replaced by Wimbledon Chase when the line was built
SW20
£674,607
£21,587
Elm Grove
District
1910
1922
New station on new route
Unbuilt station on the Wimbledon & Sutton Railway
SW19
£671,835
£21,499
Crouch End
Northern
1935
1954
Transfer of mainline station and route
Abandoned part of Northern Heights Project. Transfer from LNER.
N8
£580,746
£18,584
St Katharine Docks
Jubilee
1980
1989
New station on new route
Part of the cancelled revised phase 3 of the Jubilee line plans
E1W
£577,258
£18,472
Walworth
Bakerloo
1931
1950
New station on new route
Part of abandoned extension to Camberwell
SE17
£562,570
£18,002
West End
North West London Railway
1899
1908
New station on new route
Company failed to raise funds and permissions expired
NW2
£545,929
£17,470
Millwall
Jubilee
1980
1989
New station on new route
Part of the cancelled revised phase 3 of the Jubilee line plans
E14
£543,976
£17,407
Old Kent Road
Bakerloo
–
–
New station on extension
Route safeguarded and project on hold
SE15
£532,958
£17,055
Lorn Road
City & Brixton Railway
1898
1902
New station on new route
Company failed to raise funds and permissions expired
SW9
£514,416
£16,461
Brockley Hill
Northern
1936
1953
New station on new route
Partly built; an abandoned part of Northern Heights Project
HA8
£496,577
£15,890
Harefield Road
Central
1937
1948
New station on existing route
Cancelled part of Central line extension beyond West Ruislip, due to introduction of Metropolitan Green Belt
UB9
£472,677
£15,126
Watford Central
Metropolitan
1927
–
New station on new route
Part of abandoned Metropolitan line extension to Watford town centre
WD17
£467,705
£14,967
Bushey Heath
Northern
1936
1949
New station on new route
Abandoned part of Northern Heights Project.
WD6
£437,302
£13,994
Elstree South
Northern
1936
1949
New station on new route
Abandoned part of Northern Heights Project.
WD6
£437,302
£13,994
Silvertown
Jubilee
1980
1989
Transfer of mainline station and route
Part of the cancelled revised phase 3 of the Jubilee line plans
E16
£436,931
£13,982
Elm Farm
District
1910
1922
New station on new route
Unbuilt station on the Wimbledon & Sutton Railway
SM4
£436,436
£13,966
Cheam
District
1910
1923
New station on new route
Unbuilt station on the Wimbledon & Sutton Railway
SM1
£394,309
£12,618
Collingwood Road
District
1910
1922
New station on new route
Unbuilt station on the Wimbledon & Sutton Railway
SM1
£394,309
£12,618
Average
£614,307
£19,658
Outcode house prices for each forgotten tube stop sourced from PropertyData Tube stop house price premium sourced from Benham and Reeves and based on recent research with regard to the Nine Elms Northern Line extension and the increase in property values as a result across Nine Elms and Battersea Power Station. Historic info on forgotten tube stops sourced from UK Transport Fandom, MyLondon, Underground-History and Disused-Stations > The following stations were once planned by the London Underground or one of the early independent underground railway companies and were granted parliamentary approval > In addition to the stations listed, which received parliamentary approval, there have been many unapproved proposals for new underground railways and unapproved alternative plans for underground railways already opened. The unapproved stations included in such proposals are too numerous to list > Stations that have been replaced by other station options or line options in the immediate area have been excluded
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About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 11 international offices.