HOW WILL THE NIGHT TUBE AFFECT PROPERTY PRICES?
The long wait for the launch of the Night Tube is over. Both the Central and Victoria lines start operating a 24-hour service on Fridays and Saturdays today, 19 August 2016. The Northern, Jubilee and Piccadilly lines will follow in the autumn. But what effect will all this have on London’s property prices?
Online estate agent eMoov.co.uk has been pondering the impact on local property prices along the Central and Victoria lines, and has compiled some insightful data on the price of property across each, the increase in value over the last year and which is hottest where property demand is concerned.
‘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,’ said Founder and CEO of eMoov.co.uk, Russell Quirk. ‘In fact, transport links have almost become an additional feature of the property itself and a great bargaining chip during the house selling process.
The great thing about the underground and the night service itself is that you don’t have to live centrally to benefit
‘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.
‘Take the likes of Barkingside for example. It is situated on the Central line, has one of the lowest average house prices on the initial night tube network, but is also the seventh highest level of demand and as a result has enjoyed one of the largest price increases over the last year.
‘The average property in Gants Hill will only set you back just over £360,000 but has also seen the third largest value increase across the Central and Victoria lines. Even Loughton out in Zone 6 is a promising prospect for home buyers with demand at 45% and price seeing a 5% increase in the last 12 months.’
Biggest value changes
Property values across the Central and Victoria line night service have increased, on average, by 3% in the last year.
The stations that have enjoyed the largest increase are Warren Street and Euston, both on the Victoria line, with property values up 8% in the last year.
However, Chancery Lane (-6%), Holborn (-5%) and Bank (-5%) have all seen significant falls in value over the last year, with Vauxhall (-0.4%), St Paul’s (-0.1%) and Liverpool Street (-0.1%) also suffering marginal drops.
Property demand across the initial night tube service is currently at 25%, just 3% less than the rest of the underground network, with the honours split evenly across both the Central and Victoria lines.
Tottenham Hale is currently the most in demand tube stop across the initial night tube service with property demand at 56%. The Victoria line also accounts for the fourth and fifth hottest tube stops in Blackhorse Road (48%) and Seven Sisters (46%).
However, the majority of the night tubes most in demand stations at present are located along the Central line. Woodford (51%) and Leytonstone (49%) are the most in demand stops on the Central line night tube service, with Loughton (45%), Barkingside (45%), South Woodford (44%), Snaresbrook (42%) and Leyton (42%) all in the top 10.
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.
As expected, it’s 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.
Oxford Circus is the fifth most expensive of all stops on the Victoria line at £1.9m, joined by Tottenham Court Road (£1.9m). The Victoria line’s other entries into the top 10 most expensive are Pimlico, Victoria and Green Park, all with an average house price just below £1.7m. At £1.4m, Holborn completes the top 10 most expensive stations on the Central and Victoria lines.
There are still a number of affordable options for London’s night-time revellers on both the Victoria and Central Night Tube services. Despite boasting the highest average, the Central line is home to the majority of the top 10 cheapest tube stops
But there are still a number of affordable options for London’s night-time revellers on both the Victoria and Central Night Tube services. Despite boasting the highest average, the Central line is also home to the majority of the top 10 cheapest tube stops.
But it’s the Victoria line that boasts the cheapest stop, with the average house price around Tottenham Hale just £347,389. 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 9th and 10th place respectively.
The Central line fills out the rest of the table from 2nd to 7th with Gants Hill, Newbury Park (£362,303), Stratford (£362,886), Barkingside, Fairlop, Hainault (£368,993) and Leyton (£400,885).
Most Affordable Tube Stops (Average House Price)
Tottenham Hale (Zone 3, Victoria Line) £347,389
Gants Hill (Zone 4, Central Line) £362,303
Newbury Park (Zone 4, Central Line) £362,303
Stratford (Zone 2, Central Line) £362,886
Barkingside (Zone 4, Central Line) £368,933
Fairlop (Zone 4, Central line) £368,933
Hainault (Zone 4, Central Line) £368,933
Leyton (Zone 3, Central Line) £400,885
Blackhorse Road (Zone 3, Victoria Line) £435,906
Walthamstow Cntrl (Zone 3, Victoria Line) £435,906
Biggest Value Increase in the Last Year
Warren Street (Zone 1, Victoria Line) 8%
Euston (Zone 1, Victoria Line) 8%
Gants Hill (Zone 4, Central Line) 7%
Newbury Park (Zone 4, Central Line) 7%
Redbridge (Zone 4, Central Line) 7%
Buckhurst Hill (Zone 5, Central Line) 6%
Loughton (Zone 6, Central Line) 5%
Oxford Circus (Zone 1, Victoria Line) 5%
Tottenham Court Rd (Zone 1, Central Line) 5%
Barkingside (Zone 4, Central Line) 5%