Night Tube: What does this mean for Central London House prices?
From the 19th of August (2016) people in London will be able to access running Underground trains through the night on Friday’s and Saturday’s – Core Underground lines will include; Central and Victoria, Piccadilly, Jubilee and Northern. Obviously this will not only help to improve the London night time economy but also support it too. The service will help to create new opportunities, supporting around 2,000 permanent jobs and boosting London’s economy by £360 million.
Leisure users such as clubbers, or night time workers who perhaps live out of Central London will be able to travel home easily. For those wishing to enjoy all London has to offer, or working long or irregular hours, the pressure to live close to the centre is being eased, particularly if that is one of their reasons for renting or owning a property in these more expensive areas.
The outside of London, Zones 3-5 to be precise, will now be serviced by trains 24/7, areas on the Jubilee, Victoria and Piccadilly will also benefit as the outside is more accessible. This does ease the pressure on buyers because Central London house prices can be up to and in excess of £1000 per square foot and in reality prices in Zone 1 can be at circa £1500 per square foot. Interestingly, however, Zones 3 to 5 will have a top rate price of £1000 but in most instances it will be £400 to £700 per square foot, which is a massive 40% to 60% less than Central London prices.
With future investment planned for the London Underground – particularly to increase the expansion of lines such as Circle, District, Hammersmith & City and Metropolitan – It will be interesting to keep a close eye on the trends that follow and whether buyers will be able to seize a temporary advantage in the London market.
If you are considering a move and would like to know more about how Garrington can expertly guide and advise you on the best locations which will align to your lifestyle priorities, please get in touch for a no obligation initial discussion.
