Outer London price boost from 24-hour tubes
The new 24-hour tube is expected to drive up London rent and property prices, according to the Association of Residential Letting Agents.
The Victoria and Central lines go 24-hour for the first time this Friday night, and ARLA members reckon that the service extension will boost the popularity of pockets of the capital outside the central zones.
The Central and Victoria lines become the first to trial the partial 24-hour service with weekend journeys increasing by 70% since 2000.
Nik Madan, president, Association of Residential Letting Agents (ARLA), said: “It will mean less time spent on late night buses for those living in Epping or Walthamstow, and will make the prospect of living further out of London more attractive for renters – especially as rent costs continue to rise in the centre.”
A quarter of ARLA members based in London and the South East expect to see some rent rises as they become more desirable areas for both the people who make their living from London’s thriving nightlife and clubbers and night owls.
Equally, research from Sellmyhome.co.uk suggested the night tube will boost property price growth by as much as 5-10% in areas close to Stratford, Willesden Green, Mile End and Canada Water.
The research found property prices close to 15 of 50 stations in zones two and three are set to benefit the most, based on a combination of factors such as the population of residents who are the night tube’s prime target and the current house prices in areas compared to the average across the capital.
The report suggests Stratford and Finsbury Park are likely to attract more residents and boost demand as a result of being served by two night tube lines.