This coming Friday - 19th August 2016 - the London Underground will finally begin operating a 24-hour weekend service on some of its busiest routes; the first of which will be our very own Central and Victoria Lines. This means that East Londoners will no longer have to rush to catch the last train home after a night out in our non-stop city, and many believe that this will have an extremely positive impact on house prices in the area.
The new timetable is also a boon for those who have to work shifts over the weekend, making property locations close to one of the 24-hour stations all the more appealing. Transport for London are predicting an average cut in journey times of around 20 minutes, with some trips being cut by over an hour - handy when you really want to get home to bed!
What areas are getting the service?
As we have already touched upon, the first two lines to offer an all-night service will be the Central and Victoria Lines. The Victoria Line will run its entire length, from Brixton through to Walthamstow Central, while the Central Line will run from Ealing Broadway out to Loughton and Hainault in the east.
The service will be expanded later this year, with the Jubilee, Northern and Piccadilly Lines opening up throughout the night in the autumn.
Strengthening London’s 24-hour economy
According to a report by Volterra Partners, easier access to and from the heart of the city in the small hours is expected to boost London’s economy by £360 million over the next 30 years. The report also stated around 2,000 new permanent jobs would be created by the change and that it would improve the capital’s standing as a fantastic place to live, work and visit.
London has been lagging behind other cities in the all-night transport stakes, but we are finally catching up to the likes of New York, Sydney, Berlin, Stockholm and Chicago. It is hoped that the new service will cement our city’s hold on being the most visited city in the world, improving its appeal to both investors and tourists alike.
What about property prices?
Young professionals and those from creative industries who would have ordinarily restricted their property searches to the heart of the capital will now be more encouraged to look further afield. Therefore, it’s hardly surprising that the new service is being seen as a positive by those involved in the Greater London property market.
Many analysts are predicting rises in property prices of up to 10 per cent in areas close to a 24-hour station. This is fantastic news if you are a homeowner in Loughton, Wanstead, Buckhurst Hill, Walthamstow, Redbridge, Woodford, Hainault, Gant’s Hill, Barkingside, Snaresbrook, Fairlop, Leyton, Newbury Park or Leytonstone.
In addition to the extended opening hours, we also have the upcoming opening of the Elizabeth Line (AKA Crossrail). With major transportation improvements such as these occurring right on our doorstep, it’s easy to see why East London and Essex will be in high demand over the next few years. With this increased interest, we are sure that the local property market will remain buoyant and worthy of investment for many years to come.
Thinking of moving?
If you are looking to buy or sell in and around the vicinity of East London and West Essex, give our agents a call to find out how we can help make your move a smooth and stress-free affair. Petty Son and Prestwich have been helping people like you find their dream homes for well over one hundred years, so we know a thing or two about the local property market!
Pop in and see us, drop us an email, or give us a call. Whichever way you choose to get in touch, we’d be delighted to hear from you.