On Friday 19 August, London will be operating a new Night Tube service, which will see tubes running 24 hours a day at weekends on most of the Central and Victoria lines. Later in 2016, we expect to see the Northern, Jubilee and Piccadilly lines joining the new night tube service.
From the moment the plans for the Night Tube were first mentioned, there has been a positive impact on house prices. For those who enjoy a night out at the weekend, we’ll share with you some of the areas that provide value for money within walking distance of a 24 hour tube station.
Some areas have already seen house prices increase rapidly, just as prices did when the first underground stations opened in London in the early 20th century.
Head For Zone 3
The best investment opportunities are seen in Zone 3 and the outer regions of the Central and Victoria lines. However, there are still some good opportunities in Zone 2 – North Acton in Zone 2 is one of the cheapest locations on the new Night Tube.
According to land Registry data, there have been some huge increases in property prices close to tube stations over the last two years. For instance, homes close to Leyton on the Central line have risen by 63%, with average prices rising from £258,024 in March 2014, to £420,695 in March 2016. The biggest changes are in properties within 500m of a tube station.
Seven locations still have average property prices below £400,000: Newbury Park, Hainault, Tottenham Hale, North Acton, Gants Hill, Blackhorse Road, and Seven Sisters. Average prices in Stratford, Leytonstone and Leyton are already over £400,000, and expected to rise further when the new stations open.
Is Outer London The Best Investment?
Outer London is certainly out-performing other areas at the moment, and also provides some excellent investment opportunities. The outer areas of London have a large mixture of property style and size – there is certainly something for all budgets.