The Night Tube in London has finally launched on Central and Victoria lines, with the Jubilee, Northern and Piccadilly lines due to follow in the next few months. Although the service is not as large-scale as the Crossrail developments, it is still impacting property prices quite significantly. Here’s some more information.
What is the Night Tube?
In a bid to boost London’s night-time economy, the Night Tube will run for 24 hours on Friday and Saturday, with normal service resuming on Sunday. The trains will be running, on average, every ten minutes, and will cost the same as standard off-peak fares.
Night buses will also be in operation outside every station on the Night Tube network.
What’s the Impact on Investment Properties in London?
The Night Tube has been greeted with considerable excitement in the capital, particularly among young professionals and students, who now don’t need to worry about how they’ll get home after a late night out.
As a result, this has affected property prices in the areas surrounding all five lines, not just the Central and Victoria lines. According to eMoov, the Tube stations experiencing the most rapid levels of price growth were St John’s Wood and Cockfosters, which since the announcement of the Night Tube, have risen by 9% each.
Most growth has taken place near the Tube stations in the north and east of the city.
Should You Seek Buy-to-Let Property for Sale Near the Night Tube?
Certainly, if you’re thinking of renting to young professionals or students, it’s worth investigating the areas near the five Tube lines offering a Night Tube service. The 24-hour trains are likely to appeal to younger people, who may specifically seek rented accommodation in these areas as a result.
However, from an investment perspective, it’s probably more worthwhile to focus on the new Crossrail stations, as this is where the most substantial growth has been evident.
Finding Cheap Investment Properties in London
London is notorious for its high house prices; but since the EU referendum, prices have fallen, and look set to continue to do so, particularly in the more affluent areas of the capital.
If you’re looking for investment properties in London, it’s worthwhile not only checking estate agent high street windows, but also exploring property options at London property auctions. Buying a house at auction can save considerable sums of money – as much as 15% off general market prices in some instances.
The Buy2Let Shop in Bromley
If you want to find out more about investing in property in London, it’s a good idea to talk to someone with in-depth knowledge of the capital’s property market. The Buy2Let Shop are a team of specialist property investment agents, and we’ll help you find the right house for your requirements.
We’re also experts when it comes to London property auctions, and we hold regular property seminars, designed to boost your knowledge of the market and empower your purchasing. If you’d like to find out more about our services, simply visit The Buy2Let Shop website today.