From the Evening Standard:
The arrival of Boris bikes has fueled a rise in the rental value of homes in areas considered to be property “backwaters”, estate agents claimed today.
Research by Benham & Reeves found rents had increased by up to 25 per cent in areas such as Sands End, Walworth and Haggerston since hire bikes were introduced.
The survey, of around 200 homes, has been approved by Transport for London. It was commissioned after tenants began to puzzle agents by requesting properties in specific streets.
Marc von Grundherr, director at Benham & Reeves Residential Lettings, told the Standard:
"Over the space of two or three months, I had a couple of tenants saying I don’t want to rent in that street, I want to rent in this street.
"They said it’s because there is a bank of bikes next to the property. I started to think whether there was a correlation between the bikes going in and price increases."
Research found substantial rent increases in areas not served well by the Tube, such as Cubitt Town (12 per cent), Haggerston (16 per cent), Olympia (20 per cent), Walworth (22 per cent) and Sands End (25 per cent). Average rents across London have risen by five per cent over the same period.
Previously many tenants dismissed these areas because they are a 10-minute walk or more from the nearest Tube or train station. The bikes are said to be the “missing link” in the public transport network.
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