Transport links remain important to those living in major cities, with over 80% of Londoners saying being near a station was either ‘fairly important’ or ‘very important’ when choosing to buy or rent their current property, according to a report from Nationwide.

Property in London which is within 500 metres of a station could demand a premium of £42,700 over a similar property 1500 metres away. There was a £10,900 premium in Greater Manchester and £8,800 in Glasgow on a comparable basis.

Andrew Harvey, Nationwide's Senior Economist, said: “Our recent market research confirms that transport links remain important to those living in major cities.

“As you might expect, the premium buyers are willing to pay increases as you move closer towards a station. A property located 1,000m away commands a 3.5% premium, at 750m this increases to 5.6%, while a property 500m from a station attracts an 8.0% premium (approximately £42,700 based on average prices in London) over an otherwise identical property 1,500m from a station.”

However these premiums have fallen in the past four years since 2021, with it dropping 1.7% from 9.7% in London and 1.2% from 6.1% in Manchester.

Harvey said: “On average, respondents were willing to pay 8% more, although there is a significant spread of opinion, with nearly 30% of those in London willing to pay more than 10% extra to live in an area with good transport links.”