House prices have gone up on average by 15.6% year-on-year along the London Marathon route, with the average price of a home now hitting £712,416 – £95,997 more than last year, according to research by online estate agent HouseSimple.com.
While house prices in Blackheath, near the start of the run in Greenwich Park, have gone up by 9.1% annually to £649,880, by the time runners reach the finishing line in The Mall, houses prices in nearby St James’s now cost almost £2.5 million (£2,478,034) – up by 22.2% on last year.
Just two miles away in Blackfriars, on the other hand, house prices seem to be almost static, with a 4.25% rise in the past year taking prices to an average of £881,423.
In contrast, the area witnessing the biggest rise is Embankment, where property prices have shot up annually by 44.5% and now stand at £1,678,925.
But there are still areas along the route where first-time buyers could still have a chance of raising the deposit: average prices in Woolwich are £314,446 – 55.9% lower than the route’s average.
Alex Gosling, chief executive HouseSimple, says: “As thousands of runners pound the streets of London this Sunday, many first-time buyers probably feel right now that it would be easier to run a marathon than it is trying to get on to the property ladder.
“This research does reveal the vast difference in property prices in the capital, even along the Marathon route. From Woolwich, where average prices are a little over £300,000, to St James, where prices are close to £2.5 million; these two areas might be separated by just 23 miles on the course, but they are different worlds where property prices are concerned.”
The graphic below shows the average house price at significant points along the route (click to enlarge).