London’s hotly-anticipated night tube service, which began operating on the Victoria and Central lines on 19 August 2016, is already having a knock-on effect on the property market. Here we take a look at the biggest benefits the 24-hour underground service will bring to sellers along the route.
Growing house prices
A map released by property website Zoopla, which shows the escalating value of properties with night tube access, puts the average house price on the Central and Victoria lines at £883,690 – well above the London average of £600,076. Looking at the Victoria line alone, the average leaps to £939,812.
In autumn the all-night tube service will expand to the Piccadilly, Jubilee and Northern lines, meaning property prices in these areas are likely to jump too. Homes in Oval on the Northern line and Arnos Grove on the Piccadilly line have seen price growths of over 50% in the last two years, so things are looking particularly good for vendors in these locations.
Key selling point
The 24-hour tube service will offer a fast way to travel from London's suburbs to the city centre – a welcome replacement for long and irregular night buses and pricey cab journeys. If your property is withing walking distance to a station served by the night tube, this will be a huge bonus for young professionals and first-time buyers who want convenient access to the capital’s nightlife, as well as buyers who work late shifts. Make sure to highlight this point in your property listing and when showing potential buyers around your home.
It is anticipated that property construction companies will begin to take an interest in available land along the night tube lines, in particular in High Barnet, Walthamstow and Cockfosters. While development plans may increase competition for sellers, it will also raise demand as more buyers take an interest in these locations.
The overnight underground service translates to a big plus point for any Londoners thinking of selling. Putting your property on the market with HouseSimple.com lets you handle your sale your way, allowing you to get the most out of your well-connected home.