The first Night Tube began its service last week, providing an easier way home for thousands of Londoners. But it’s not just shift workers and party-goers who will benefit from the 24-hour service, properties located close to the lines will see a welcome boost in prices.
Online estate agent, eMoov, have analysed the price of properties across both the Central line and the Victoria line, as well as the increase in value over the last year and the most in demand locations in terms of property.
It found that on both lines the value of property has increased by 3% in the last year, with the biggest increases at Warren Street and Euston stations, both on the Victoria line, where property values were up 8% in the last year.
Property demand across the initial night tube service is currently at 25%, just 3% less than the rest of the underground network, with an even split across both the Central and Victoria lines.
The average house price across both the Central and Victoria night tube lines is £883,690, some £300,000 more than the London average. However, the average cost of property along the Central night tube line comes in just shy of this at £858,034, with the Victoria line the more expensive of the two at an average of £939,812.
The Zone 1 stations that dominate the top 10 most expensive stops across the two lines. At an eye-watering £2.5m, Marble Arch is the most expensive tube stop across the service, with Bond Street (£2.3m), Holland Park (£2.3m) and Notting Hill Gate (£2.3m) also exceeding the £2m mark.
Russell Quirk, founder & CEO, eMoov.co.uk, said: “In London in particular, property close by to a good transport link such as an underground station will always command more where price is concerned.
“In fact, transport links have almost become an additional feature of the property itself and a great bargaining chip during the house selling process”.
Tottenham Hale, on the Victoria line, is the cheapest area to buy property along the Night Tube route, with the average house price around £347,389. It’s also the most sought after stop on the network with demand for property at 56%.
With an average price of £435,906, Blackhorse Road and Walthamstow Central are the only other Victoria line entries in the top 10 most affordable, in ninth and tenth place respectively.
The majority of the night tubes most in demand stations are situated along the Central line, with Woodford (51%) and Leytonstone (49%) taking the most desired positions.
Loughton (45%), Barkingside (45%), South Woodford (44%), Snaresbrook (42%) and Leyton (42%) all in the top 10.
The Central line is also home to the second to seventh most affordable properties with Gants Hill, Newbury Park (£362,303), Stratford (£362,886), Barkingside, Fairlop, Hainault (£368,993) and Leyton (£400,885).
Mr, Quirk added: “The introduction of the night tube service should only help boost the value of the properties surrounding stations due to benefit from the service.
“The great thing about the underground and the night service itself is that you don’t have to live centrally to benefit, you can live out in Zone 4 or beyond and still benefit, not only from the night tube but the cheaper cost of property”.
The Night Tube is expected to boost the London economy by £6.4 billion and 500,000 jobs by 2030.
London’s Transport Commissioner, Mike Brown, said that the service was “a historic step in our modernisation of the Underground and our work to support London’s economic growth.”
Transport for London estimates that 200,000 people will use the service every weekend.