As we all know transport is an integral part of London life. It is a crucial part of the capital's infrastructure and its ability to deliver the city's residents to where they need to be, when they need to be there has always had an impact on where people chose to live.
Choosing a home that is close to good transport links is one of the key drivers to any purchase or rental decision. As such it has long been accepted that those properties with easy access to train and tube stations have commanded a premium. With the Night Tube in London now in full operation, its interesting to examine what impact this might have on our lives and the property markets on its routes.
1. More bars and clubs; With the night tube providing an improved ‘exit strategy’ for closing time, new and existing premises’ could be granted later liquor-licenses – cheers to that!
2. The best of both worlds; Those living outside the very heart of the city can now enjoy the best that Central London has to offer, without the cost of living there.
3. Forgot the milk? No problem! Supermarkets are set to extend certain opening hours to 24-hours, with Tesco announcing a trial in seven of their stores surrounding the Central and Victoria lines.
4. House prices in zones 3, 4 and 5 are set to rise; So if you were considering investing in those areas, now might be a good time
5. Cheaper commuting: In a city that never sleeps it’s not just hospitality staff that stay late at work. The night tube means more frequent and (better yet) cheaper ways of getting home.
6. Foreign Investment: The night tube makes our city more desirable to international investors. Bringing about an open all hours’ policy means more potential for businesses (of all kinds) to make more money.
7. More Property; Keep an eye out on areas such as Walthamstow, Ealing Broadway, Loughton and Hainault. Developers are likely to target areas around these stations and build new flats as well as redeveloping neglected
KEY DATES FOR TUBE LINES
The night tube launched on August 19th for the Central and Victoria lines, with the Jubilee line due to join on October 7th, and the Northern and Piccadilly lines following suit later in the year. Currently the new 24-hour service operates solely on Fridays and Saturdays, but judging by the speed of its development, we expect it’s only a matter of time before our 24-hour city, is matched with 24-hour transport. Did somebody say dinner at 3am?!