Published: 01/09/2016 By Stephanie Wright
Calling all night owls. It is official, the Central and Victoria lines are now running a 24-hour service during Fridays and Saturdays. This is as a result of the increasing levels of passengers using the services, with 70% more passengers using the service since the early 2000s’. It has been predicted that property developers both large and small are going to invest in a land close to the stations running the new night tube. While I was trying out this service over the bank holiday weekend, I wanted to know what this will mean for property prices amongst these areas.
For those looking to buy near the night tube stations, we suggest you carry out your research, it is predicted nearby house prices are set to rise in the near future. We have taken some time to observe house prices and how the night tube has already affected those around the stations. Many locations have seen high price increases just for being in close proximity to a station, therefore property prices within a 10-minute radius are expected to rise considerably.
It is predicted that first time buyers looking to purchase in the capital are expected to conduct their property search in areas at the end of the night tube lines due to their prices being lower than in the city but still within close proximity to a station. The improvement of transportation links across the Capital is known to increase property prices and improve access to local amenities. The launch will benefit a range of people from zones 1-4 and beyond which will make all areas across the tube lines more attractive to buyers.
With house prices on the rise, what does this mean for the rental market?
Rent across the night tube stations in zones 3-6 have already seen a rental rise of 20% over the last couple of years. However, this is still forecasted to increase further over the next coming years. The new transportation links have improved access in and out of the city and this, in turn, will result in rental price growth. Although the night tube has only just launched, properties near stations on the central line have seen the biggest increase in rental prices than any other station along the central line since the night tube plans were revealed. The Victoria line provides excellent transportation links for those living by Walthamstow Central and has resulted in rent prices increasing by 21% since 2014 and this is set to grow. These areas will ultimately become more attractive for landlords to invest in and benefit from the increasing rental prices.
Calling all night owls
Although it is only being trialled on the Central and Victoria lines, those who live on the Jubilee, Northern and Piccadilly lines will have access to this 24-hour services from autumn. Depending on the success of the trial we could see services operating on parts of the Overground and Docklands Light Railway as well.
If you're looking to explore London this weekend, find out all the information on the night tube services this weekend here!