Night tube: where in London will house prices surge?
London’s all-night tube has arrived. And while it will undoubtedly benefit clubbers and nocturnal workers, it’s also expected to boost house prices in some of the outer suburbs of the capital.
Earlier this month, Sellmyhome.co.uk suggested the night tube would boost property price growth by as much as 5%-10%, in line with the rate of growth seen in areas affected by Crossrail.
Properties at the end of the tube lines are set to do particularly well, according to Mark Lawrinson, director of Portico estate agents.
He says: “The night tube will appeal to young professionals who work and party in central London but can’t afford to buy in Zone 1 or 2. The new 24-hour service will mean they can push further out to more affordable areas, while still maintaining the lifestyle they want, and without spending a fortune on taxis.”
Here, Lawrinson reveals his five property price winners:
“The Central Line is one of the quickest lines, connecting the east to central London in a flash. It’s this fantastic transport link, along with new infrastructure investment and regeneration, which has pushed house prices up in east London at a quicker rate than anywhere else in the capital. Now the night tube has arrived, we expect demand for hotspot areas such as Leyton to be ever stronger than it already is.
“You’ll pay just £290,000 for a 1 bed in Leyton in Zone 3, and now the Central Line is operating 24-hours-a-day on weekends, easterly residents will have the luxury of being just 20 minutes away from the bright lights of the City.”
“Historically High Barnet has been seen as a residential, family area, but regeneration and the building of contemporary new builds has attracted a wave of young professional renters and homebuyers to this part of north London. The night tube will further increase the area’s popularity with a younger demographic.”
“Thanks to the redevelopment of the town centre, an influx of new shops, bars and restaurants, and a handy location at the edge of the Victoria line, Walthamstow has transformed from an undesirable and scruffy part of town into a hotspot for late twenty-somethings.
“It has seen huge capital growth in recent years and is already popular with first-time buyers and investors, but the night tube will only enhance this desirability. Sean Hewitt, manager of Portico’s Walthamstow branch, believes smaller 1 or 2 bedroom properties will see the biggest increases, as these are the properties likely to be in demand by the demographic using the night tube.”
“Cockfosters has experienced strong capital gains over the past year due to the fact it is affordable, has a wealth of green spaces, offers instant access to the M25, and is on the Piccadilly line. But the night tube will really put Cockfosters on the map.
“The area draws in young professionals and young families who want affordable housing and good schools, but who also yearn for central London at the weekends when they can get a babysitter – which is why the night tube will certainly increase demand for housing in the area.”
“Currently, Tottenham Hale is one of the cheapest areas to buy property along the night tube route, with a one bedroom property standing at around £300,000. It is already a first-time buyer haven, but we expect demand to strengthen now that the area has access to a 24-hour tube service.
“What’s more, Crossrail is set to launch in Tottenham Hale in 2017.”
Night tube facts:
- Night tube services are now running on the Central and Victoria lines.
- The Jubilee line service is set to start on 7 October.
- Northern and Piccadilly lines will follow in the autumn.
- The Night tube will offer a 24-hour service on Fridays and Saturdays.