24-hour tube to ‘drive up London rent and property prices’
The Central and Victoria lines become the first to trial the 24-hour service, with services on the Jubilee, Northern and Piccadilly lines following in the autumn.
Nik Madan, president of the 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.
Buy-to-let investors are also likely to benefit from the rising rental income in areas within half a mile of the station.
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.