London’s new Night Tube launches this weekend, bringing 24-hour trains to the UK capital on Fridays and Saturdays.
The public transport service will bring major changes to those who live in the city, with those on the Central Line and Victoria Line first in the queue: the Night Tube will begin on both lines on Friday 19th August, with more lines, such as the Jubilee, Northern and Piccadilly lines, set to be added to the network in the coming months.
144 stations will ultimately be open around the clock, meaning that those in farther out places, such as Epping or Walthamstow, will be able to venture home after an evening out in the city without needing to face long journeys on night buses. On average, night-time journeys will be cut by 20 minutes.
The move is being made partly to cope with the growing number of people using the Tube at the weekend: passenger numbers on Friday and Saturday nights have surged by 70 per cent since 2000, according to TfL.
Research has already highlighted the positive impact it will have upon the city’s economy. According to London First and EY, London’s 24-hour economy could be worth nearly £30 billion to the capital each year by 2030 – up from £26.3 billion annually, which is around 8 per cent of London’s gross domestic product. According to the Centre for Economic and Business Research, the Night Tube could create up to 1.37 million jobs.
The property industry is also prepared for a rush-hour boost, following a slow summer, with both house prices and rents expected to climb.
Some areas may face headwinds from a rise in anti-social behaviour, with a London Assembly report earlier this year revealing that the Metropolitan Police has singled out 12 “red stations” where alcohol-related disturbances and “rowdy behaviour” could increase, including Camden Town, London Bridge, North Greenwich, Vauxhall, Oxford Circus and Leicester Square. Extra patrols will be set up to mitigate any risk of anti-social behaviour, reports the Evening Standard.
Overall, though, the Night Tube spells a strong opportunity for buy-to-let investors.One in four landlords in London and the South East expect to see some rent increases around the tube stations connected to the 24-hour service, as they become more desirable areas for both the people who make their living from London’s thriving nightlife and for those who enjoy what the Capital has to offer.
Where are set to see the biggest boost? According to online estate agent SellMyHome.co.uk and Dataloft, Stratford, Mile End and Willesden Green are set to be the biggest beneficiaries, with property values predicted to rise by up to 10 per cent higher than baseline growth. Homes within half a mile of a station running the Night Tube could see a rise in value of between 5 and 10 per cent, with the service expected to attract primarily young professionals and students, most of whom tend to rent in the private sector.
The figures also follow a boost for Stratford and surrounding areas from the London Olympics, with prices boosted by an average of 64 per cent in the last four years in the boroughs of Hackney, Newham, Barking and Dagenham, Greenwich, Tower Hamlets and Waltham Forest. Research from Rightmove earlier this year, meanwhile, highlightd Oval, King’s Cross, East Ham, Cricklewood and Wembley as the five best buy-to-let hotspots in London.
If in doubt, though, follow the Night Tube map to the end of each route.
Nik Madan, President, Association of Residential Letting Agents (ARLA), comments: “Transport links are a major player in influencing demand, and in turn rent costs, so as end-of-the-line areas become better connected, there’s a chance we’ll see prices rise.”