Londoners out on the town this weekend will be the first to take advantage of the Night Tube, the all-night London Underground service running on Friday and Saturday nights on the Central and Victoria lines. In the autumn, the Night Tube will extend to the Piccadilly, Northern and Jubilee lines.
Until now, people living in London’s outer boroughs have had to fork out for expensive taxi fares or endure hour-long journeys by night bus to get home after midnight. Residents of zones 3,4,5 and 6 will welcome the new all-night tube service, which, in turn, will boost the capital’s after-hours economy and make living outside Central London a realistic option.
Before the Night Tube, people renting in the outer zones offset the inconvenience of living so far away from jobs and nightlife by paying relatively low rents. Since the announcement of the Night Tube project two years ago, rents have been rising steadily in areas along the Transport for London’s chosen tube lines, widening the possibilities for property investment. The rents are expected to continue rising as the Night Tube service extends to more lines and becomes part of London life.
The improved transport connection and higher rents have created opportunities for regeneration, allowing exponential growth and attracting more property investment in areas such as Walthamstow, North Greenwich and Loughton.
13% rise in London Property Rents since 2014
On average, property rents in London have increased by 13% since 2014. However, rents for properties close to tube stations on the Central and Victoria lines have increased by an average of 20%.
Areas to watch:
Northfields, West London, where rents have increased by 27%, pending the broadening of the night tube service to include the Piccadilly line in Autumn 2016.
North Greenwich, where rents have increased by 20%.
Walthamstow rents are still rising but are currently 21% higher than in 2014.
Loughton, Essex, has seen rises of 25% since the announcement of the Night Tube plans two years ago.
Henry Wiltshire Director, Kelly Gallagher, is delighted that the Night Tube will do so much to open up the UK capital. “It’s easy to see why rents are increasing near stations served by the Night Tube,” says Kelly. “The increased rents also offer investors and landlords a better return and increase the appeal of buying property in outer London.”
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