It’s no longer being introduced this year, but when the Night Tube service does eventually arrive it is expected to greatly benefit the capital’s housing market, in the same way the announcement of Crossrail and the implementation of the Jubilee Line have in the past.
The Night Tube, which is now likely to be introduced at some point in 2016, will initially cover five lines: most of the Central, Northern and Piccadilly Lines and the whole of the Victoria and Jubilee Lines. The plan is to turn London into a truly 24 hour city, with 144 stations set to benefit from the all-night service.
Music to the ears of prospective sellers, no doubt, as the new transport infrastructure will encourage first-time buyers, young professionals and creatives to look to buy in and around London. The prospect of experiencing London’s buzzing night-life without a hellish commute home will be enticing to young buyers, while people working in the city will also appreciate the better transport links throughout the night.
Once the Night Tube is in operation, it’s predicted that the average price of properties near to stations that will benefit from the 24-hour service will rise by up to 10% - excellent news for sellers who live near a station on the Victoria and Jubilee Lines and most of the Central, Northern and Piccadilly.
As we all know, London has a world-famous and fantastically varied social scene. Whether it is theatre, film, art, museums, sports, food or literature, there is always something going on somewhere. This doesn’t only make London one of the most-visited cities in the world, it also means many people want to live there – or at least in a place with easy access to its main attractions.
If you are selling a property in the London area and, more than that, if you are selling a property near a future Night Tube station, your chances of achieving your asking price or above have just gone up considerably. As we’ve seen with Crossrail, the mere mention of new transport links can give property prices in a given area a boost. The Night Tube isn’t quite with us yet, but it’s likely that properties that will benefit are already benefitting now.
For those in outer London, the gains will be high. Property is generally cheaper the further out you go, which makes the suburbs of west, north and east London (south London doesn’t currently have many Tube stations, although there are plans to arrest this) an attractive proposition to first-time buyers, families and young professionals priced out of more expensive homes in central London.
Places like North Acton, Mile End, High Barnet, Walthamstow, Stanmore, Stratford and Morden are set to see the benefits of the Night Tube. If people know they can reach central London – whether that be for a night out on the town or for work – and then get home with ease in the early hours, the prospect of living on the outskirts of the capital become much more enticing. With properties on the outskirts being cheaper than the London average, it’s win-win for buyers.
Furthermore, it was announced in February that the night-time services would be extended to the Metropolitan, Circle, District, and Hammersmith & City lines by 2021, the London Overground in 2017 and the Docklands Light Railway (DLR) by 2021. This, of course, means an even bigger pool of sellers in London will be able to sell the virtues of an all-night transport system in the future.
That’s not to say you won’t get a very good price if you’re a seller on the outskirts, though. Quite the opposite. House prices are strong across the board in London. And, with the arrival of major transport projects such as the Night Tube and Crossrail, demand for housing in London is only going to get stronger.
If you are a London seller, you are in a prime position to take advantage of that. When it comes to viewings, talk about transport links and nearby stations. If the nearby station is going to be part of the Night Tube, tell would-be buyers about this. It could be a huge deal-breaker. Certainly, it’s a very potent weapon to have in your locker – a very clear and beneficial selling point.
At Sarah Beeny’s Tepilo we’ll do all we can to get your property sold. We’re all about the customer service, which is why we provide a 24/7 phone service (anything TfL can do, we can do as well) and why a dedicated sales manager will be with you from the moment you upload your property through to completion.
For an accurate estimate of your property’s worth in the current marketplace, why not check out our handy online instant valuation tool. You can also see how much you will save by checking out our fees page.