Properties inside London's LTNs are worth up to 108% more than outside
Properties inside London’s controversial low traffic neighbours (LTNs) are worth up to 108 per cent more than the borough average, a study revealed today.
The average house price within 20 LTNs analysed by estate agent Benham and Reeves is £614,863, which is 9 per cent above the typical London value of £502,690.
But while the research suggests LTNs are boosting house prices for homeowners who already live within them, experts warned the additional strain the areas place on surrounding roads from increased congestion is a deterrent to many buyers.
LTNs have been championed by Mayor Sadiq Khan as being positive for pedestrians and cyclists, and they have popped up across the capital since the pandemic began.
But the schemes have also led to a backlash from drivers and bus passengers due to an increase in delays on roads around the areas and the impact on the disabled.
LTNs in the North and West of London have the biggest average price premium at 14 per cent for both, while it is 7 per cent in the South and 1 per cent in the East.
The LTN in South Chiswick has the biggest difference, with the typical price within its boundary 108 per cent higher than the wider borough average of Hounslow.
A cyclist passes planters blocking cars from a road in an LTN in Dulwich, South London
A woman warns motorists of potential fines due to an LTN in Chiswick, West London, in 2020
The next biggest difference is the Fox Lane LTN compared to the Enfield average at 42 per cent higher; then the Arsenal and Highbury Fields LTN compared to the Haringey and Islington average at 26 per cent higher.
The Wanstead Park LTN compared to the Newham average and the Colliers Wood LTN compared to the Merton average are both 18 per cent higher.
LTNs are areas where vehicle numbers are reduced, and work by preventing vehicles from using certain streets as through roads into other destinations, quite often through using temporary or permanent barriers which stop traffic from being able to drive along a certain route.
But a raft of concerns have been raised about LTNs, from increasing congestion on surrounding roads to potential risk to life from emergency services delays, the impact on disabled residents and high numbers of Penalty Charge Notices coming out of the schemes.
Marc von Grundherr, director of Benham and Reeves, said the research confirmed that living within an LTN clearly has a positive impact on property prices.
| London region | LTN area | Average LTN price | Borough | Average borough price | Difference £ – LTN vs borough | Difference % – LTN vs borough |
|---|---|---|---|---|---|---|
| North | Fox Lane | £607,227 | Enfield | £427,468 | £179,759 | 42% |
| North | Arsenal and Highbury Fields | £759,826 | Haringey/Islington | £600,852 | £158,974 | 26% |
| North | South of Alexandra Palace | £639,753 | Haringey | £556,570 | £83,183 | 15% |
| North | London Fields | £610,381 | Hackney | £589,517 | £20,864 | 4% |
| North | Kentish Town | £667,528 | Camden | £714,736 | -£47,208 | -7% |
| North London LTN Average | £654,681 | North London Borough Average | £570,120 | £84,560 | 15% | |
| East | Wanstead Park | £469,290 | Newham | £396,662 | £72,628 | 18% |
| East | Lee Green | £470,453 | Lewisham | £418,927 | £51,526 | 12% |
| East | Upney | £345,805 | Barking and Dagenham | £328,226 | £17,579 | 5% |
| East | Poplar | £474,767 | Tower Hamlets | £453,598 | £21,169 | 5% |
| East | Thamesmead West | £323,265 | Greenwich | £458,920 | -£135,655 | -30% |
| East London LTN Average | £410,928 | East London Borough Average | £408,346 | £2,582 | 1% | |
| South | Colliers Wood | £636,972 | Merton | £538,411 | £98,561 | 18% |
| South | Ferndale | £553,272 | Lambeth | £501,094 | £52,178 | 10% |
| South | River Wandle | £441,599 | Sutton | £424,968 | £16,631 | 4% |
| South | Walworth West | £494,315 | Southwark | £495,431 | -£1,116 | 0% |
| South | South Norwood | £381,128 | Croydon | £394,025 | -£12,897 | -3% |
| South London LTN Average | £493,665 | South London Borough Average | £467,713 | £25,952 | 6% | |
| West | South Chiswick | £924,930 | Hounslow | £445,246 | £479,684 | 108% |
| West | Brent Valley Park East | £562,070 | Ealing | £533,943 | £28,127 | 5% |
| West | Hayes | £429,043 | Hillingdon | £449,725 | -£20,682 | -5% |
| West | East Twickenham | £684,289 | Richmond | £736,499 | -£52,210 | -7% |
| West | Monks Park and Oakington | £473,981 | Brent | £521,609 | -£47,628 | -9% |
| West London LTN Average | £591,398 | West London Borough Average | £528,095 | £63,304 | 12% | |
| Overall London LTN Average | £529,391 | Overall London Average house price | £502,690 | £39,701 | 5% |
However, he added that those within the surrounding area are unlikely to share the same enthusiasm because increased congestion proves problematic when it comes to enticing potential buyers.
Mr von Grundherr said: ‘It’s clear that the implementation of LTNs has had a positive impact on local property prices, with many of them commanding a very healthy house price premium versus the wider boroughs in which they are found.
‘Less traffic congestion, safer roads and cleaner air are all strong selling points for potential buyers, particularly in the capital where they are arguably some of the most pressing issues faced by Londoners.
‘However, LTNs aren’t without their drawbacks. Not only have they been criticised for hindering access for emergency services, but it’s clear that they have a negative impact on the areas surrounding them, bringing an increased level of traffic congestion to the detriment of those residents not lucky enough to live within a nearby LTN.’
A map of the South Chiswick Liveable Neighbourhood including the LTN, which has a typical price within its boundary 108 per cent at higher than the wider borough average of Hounslow
He added that this arguably eradicates the intended benefit, because while it reduces traffic and the chance of accidents while improving air quality in one area, it actually worsens it in another.
Mr von Grundherr continued: ‘For those sellers living outside of an LTN boundary, it’s simply another obstacle faced when they come to sell, as potential buyers are put off by the far higher weight of traffic.’
While 13 of the 20 areas had house prices within LTNs that were higher than the borough average, there were also six areas where the average within LTNs was lower than the borough average.
The biggest difference was the Thamesmead West LTN within Greenwich which is 30 per cent lower.
This was followed by Monks Park and Oakington LTN within Brent which is 9 per cent lower; and East Twickenham LTN within Richmond which is 7 per cent lower.
The company said its house price data was based on postcodes that fall within 20 London LTNs – five per region of the capital – and sourced from property data.
Heavy traffic in Streatham Wells, South London, in February in an LTN that was later removed
It aimed to choose the LTNs based on a geographical spread using the largest LTNs where possible and also avoiding those found within the same borough.
Wider borough house price data sourced from the Government’s UK House Price Index.
In the case of Arsenal and Highbury Fields, which lies within both Haringey and Islington, an average of both wider borough house prices was used.
In March, the Department for Transport (DfT) announced that councils will be obliged to consider whether residents support the implementation of an LTN in their area before schemes can be introduced.
The DfT published draft statutory guidance for councils on LTNs – to come into force this summer – setting out that they must gain buy-in from local residents, businesses and emergency services when considering implementing new schemes.
Sadiq Khan and his wife Saadiya Khan stand on the Millennium Bridge in London yesterday
If councils fail to deliver road schemes that work for local people, they could see future funding withdrawn and the Government could take control of an authority’s roads, under powers from the Traffic Management Act, if they are deemed to be ‘widely mismanaged’, DfT said.
But Labour called the plan a ‘a blatant and desperate attempt to distract people from a Government that has run out of road’.
A review showed only 13 per cent of residents responded to councils’ planning consultations on LTNs and 18 per cent feel their views have influenced council decisions.
The report also found that local authorities operating LTNs issue an average of 36,459 Penalty Charge Notices per scheme, with the highest number of notices issued for a single LTN scheme exceeding 170,000.
The review further highlighted concerns over the impact on disabled residents and from emergency services that delays to crews caught up in LTNs could ‘potentially risk lives’.
Rishi Sunak called LTNs examples of ‘hare-brained schemes’ in an interview with The Sun in September last year.
A group of local residents blocked cars on a road in Streatham Wells, South London, in November 2023 as part of a protest against the area becoming an LTN.
The scheme was removed, as was an LTN at Jesmond, Newcastle, and the DfT said the new guidance aims to prevent councils having to reverse poorly-implemented or unpopular schemes.
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