This ‘useless’ tube line is home to London’s most expensive mortgages

Ever wondered just how much your fellow commuters are paying for their monthly mortgages? Now, a new study has identified the London tube lines with the most expensive monthly payments.

As ever, it’s mind the mortgage gap as the Waterloo and City line has been named the most expensive for homeowners on the underground network with an average payment of £5,632 per month.

It’s little surprise considering that this line – colloquially known as ‘The Drain’ – has just two stops on it: Waterloo and Bank. Both are in zone 1, and the journey between them typically takes around four minutes, a fact which has seen disgruntled Redditors give it the title of ‘useless.’

So, if there are only two stations, why was it built? In the late 1800s, a survey found that 12,000 per day needed to get from Waterloo to the City (and back home again, as many commuted in from Surrey and the surrounding home counties).

And so, in 1894 work began on this short but sweet tube line – and it received its royal opening by Prince George, the Duke of Cambridge, in 1898.

History aside, data from estate agent Foxtons shows that in Waterloo, the average property price is £925,714 – and some even shoot up to £2,350,000. And so, it’s little surprise that this line is so dear in the mortgage world.

It’s not much better in Bank, the financial heart of the city, where properties typically cost £825,000 – a whopping £527,834 over value of the average UK home, projected at £297,166 as per Halifax’s House Price Index for December 2024.

In second place comes the Circle line with costs of £5,323 per month, while despite its arguably excessive heat and ear-shattering noise, the Victoria line came in third at £4,027, housing stations with an array of property environments from Walthamstow Central to Highbury and Islington and Pimlico.

It’s slightly better news for commuters on the Northern and District lines, with average repayments of £3,894 and £3,891 respectively, according to mortgage advisor Alexander Hall’s new data.

However, the District line topped the table for having the largest mortgage market gap between the most and least affordable stations with a difference of £8,248 per month between High Street Kensington (£9,890) and Upney (£1,642).

Wondering what the most affordable is? It’s good news for Elizabeth line fans, as here you’ll find the cheapest average mortgages at £2,610.

‘London property values have been holding steady over the past year and we know the capital remains home to the strongest housing market with respect to the price commanded for bricks and mortar,’ Stephanie Daley, director of partnerships at Alexander Hall details.

‘This is particularly evident when looking at the average monthly mortgage payment required, with this cost hitting almost £10,000 across the most prestigious pockets of the London property market.

‘However, one weapon in the arsenal of London homebuyers is the capital’s outstanding transport links and the London Underground, in particular.

‘As our research shows, you can dramatically reduce the cost of your mortgage by looking further along the tube line that runs through your ideal destination.

‘While you may not want to adjust your expectations from High Street Kensington to Barking, you may well find that even a stop or two can help to cut the cost required to climb the London ladder.’

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