11:16 AM, 17th August 2016, About 5 years ago 1
The proposed 24 hour tube service will finally begin this coming Friday (19th August) and it is predicted that this could have a positive impact on rents in particular areas.
This weekend, the Central and Victoria lines will start running a night service, with the Jubilee, Northern and Piccadilly lines to also follow suit in autumn.
The new service is likely to have a positive impact in areas at the end of the affected lines with a potential increase in the appeal of living further out of London.
The Association of Residential Lettings Agents (ARLA) has said that the new services could provide a boost to the rental market.
“The 24 hour tube service finally commencing is not just great news for Londoners commuting and living in the city, but also for landlords who may have an investment property on the outskirts of London,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
“A 24 hour service makes large parts of London far more accessible and is likely to have a similar impact as Crossrail on rental growth and property prices,” added the spokesperson.
Since Crossrail was announced in 2014, Slough and Reading have seen house prices increase by 39% and 33% when compared to a regional average of 22%.
25% or ARLA members in London and the South East have said they expect to see rent increases around the tube stations connected with the 24 our service.
“It will mean less time spent on late night buses for those living in Epping or Walthamstow, and will make the prospect of living further out of London more attractive – especially as rent costs continue to rise in the centre,” says Nik Madan, president of ARLA.
“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,” he added.
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