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TODAY'S OTHER NEWS

Night tube could spark rental growth in outer London

The introduction of a 24-hour tube service, which begins on Friday, could have a positive impact on rents in areas at the end of the affected lines.

The night tube will commence this Friday and Saturday on the Central and Victoria lines, with services on the Jubilee, Northern and Piccadilly to follow in the autumn.

The Association of Residential Letting Agents (ARLA) says that the new service will increase the appeal of living further out of London and provide a subsequent boost to the rental market. 

A quarter of ARLA members based in London and the South East have said that they expect to see rent increases around the tube stations which are connected to the 24-hour service. 

Letting agents believe these areas will become more desirable for tenants and landlords will therefore benefit from increased demand. 

“Many Londoners will be rejoicing to see the 24-hour tube finally coming into action,” says Nik Madan, president of ARLA. 

"It will mean less time spent on late night buses for those living in Epping or Walthamstow, and will make the prospect of living further out of London more attractive – especially as rent costs continue to rise in the centre.”

“Transport links are a major player in influencing demand, and in turn rent costs, so as end-of-the-line areas become better connected, there’s a chance we’ll see prices rise,” he adds.

Last week Nationwide revealed the impact of the incoming Crossrail service on property prices

Slough and Reading, which will both be served by Crossrail, have seen respective house prices increased by 39% and 33% since the project was announced in 2014. This is compared to a regional average increase of 22%.

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