The much anticipated night tube is expected to improve property prices along the newly built 24-hour underground lines.
As the new date for the official opening of the Night Tube has been proclaimed, it certainly is good news for home sellers with properties along the Victoria, Jubilee, Central, Piccadilly and Northern lines. Once the Tube is up and running, the line is suppose to give a huge boost to property prices, especially those targeted at the younger demographic.
Starting this month of August, two of London’s tube lines will become fully functional for 24 hours, with additional four lines launching this coming autumn. This is also expected to increase the demand and popularity for properties within a close proximity to the mentioned lines.
Location near the infrastructure projects and main transport hubs is often an important factor in London’s housing market. We have already observed this effect with new developments such as the Crossrail (now known as the Elizabeth Line), as well as the cycle superhighway with property buyers often willing to pay a premium price just to be near main stations and other transport hubs.
It certainly has taken quite a while, but the Night Tube finally looks set to become a reality. Home sellers near these lines should be aware of the positive impact this development has on their property prices.
As with any new transport development, Londoners will be determined to live in an area where their commute is readily available at any time of the day, for it could make their everyday lives easier and safer.
The areas with easy access to the Night Tube are also likely to observe bigger demand from young professionals. The idea that it would be just as easy to get home from a night out, as it is to get into work the next morning will be a very convenient and attractive proposition for some potential buyers.
In some ways, this successful project also cements London’s position as a truly developed 24-hour city.