London has introduced its first 24-hour service on two tube lines with more to come from the Autumn.
Not only will this new ability of Londoners to travel into and home from London anytime day or night on Fridays and Saturday’s be a huge benefit to the city’s night time economy, it will also lead to a boost for demand for and also prices of homes situated near those stations.
London’s Victoria and Central lines are already running the Friday and Saturday 24-hour service, allowing commuters, tourists and other travellers the ability to get home without having to catch a night bus, which doesn’t always provide a speedy or particularly pleasant journey. Tube journeys tend to be quicker than buses, even in the wee hours, so this new transport option will be seen by many as a welcome and valuable improvement.
“The launch of the Night Tube this evening will provide wonderful benefits to London,” said London Mayor Sadiq Khan. “It will support thousands of workers who have to travel to or from work at night, it will provide huge economic benefits to our vital night-time economy and it will help Londoners get home quickly and safely after a night out.”
For those who are interested in purchasing a home or property on the new night tube lines, online news outlet Business Insider has conducted some analysis highlighting which regions offer the best value for money.
The most reasonably priced homes can be found on Tottenham Hale, in zone 3 on the Victoria line, with an average property price of £347,389 and a journey to of 18 minutes into central London. The prices in the 10 cheapest areas increase by various increments to an average value of £435,906 in Walthamstow. From the zone 3 location serviced by the Victoria line you can be in London in just 22 minutes.
The Piccadilly, Jubilee and Northern lines will be the next three tube lines to upgrade to a two-day 24-hour service. And where there are improved transport links, an improved price tag is expected to follow.
That’s because ‘good transport links’ tend to feature strongly in the key requirements of those searching for a new home, be it to buy or rent. This is particularly true of Londoners who might work hard during the day, with many city workers starting very early, while also enjoying all that’s on offer throughout the city’s eclectic night life.
But, it’s not only those who enjoy a busy night out who will benefit from the extended tube hours. Business could see an increase in custom as the cost of getting home gets cheaper. Many shift workers should also find their journeys to and from work made easier – for two days of the week at least. It could also prove a boon to some businesses; some lay on taxis and transport for their staff to get home safely if they work unsociable hours, so this could save them money too.
For club, restaurant and bar workers, their typically larger Friday and Saturday night tips will no longer need to be saved for an expensive cab fare. Instead, those additional earnings can be put towards a special item, holiday or even a deposit for their first home.
Investors who bought property early on in the planning stage three years ago, will likely receive the most financial benefit from the new night tube with average London property prices rising by around 37% from £377,000 in November 2013 to 472,000 in June 2016, according to data from the Office for National Statistics (ONS).
While the night tube has experienced some delays, its eventual arrival will likely be met with a positive response. And, given the difficulties being experienced in the London property market due to Brexit, this boost to the its popularity and accessibility couldn’t have come at a better time.