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The Night Tube Launches on the Northern Line
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Today’s the day that the Night Tube launches on the Northern Line on Fridays and Saturdays. The service will join the Central, Victoria and Jubilee lines, which rolled out their overnight routes over the past few months.
Ahead of the all-night extension, online estate agent eMoov.co.uk has analysed house prices from north to south on one of the capital’s oldest Tube lines. The research looks at the current property demand by each station, the average house price in each area and the growth in values across the Northern Line in the last year.
Property south of the river dominates demand on the Northern Line – six of the ten most in-demand areas are below the Thames, making southwest London a hotspot for Night Tube homebuyers. Being so well connected makes it a particularly great location for commuters.
Morden, the southernmost stop on the line, is the most in-demand area, at 44%. Zone 3’s Colliers Wood, 43%, and Balham, 41% are close behind.
The Night Tube Launches on the Northern Line
In contrast, the least in-demand areas on the Northern Line are north of the river. Both Charing Cross and Embankment top the list, at just 3%. As prime central London has taken a hit over the last few months, it’s unsurprising that the capital’s most expensive spots have seen demand drop. Hampstead, between Zones 2 and 3 in north London, also ranks as one of the least in-demand areas on the Northern Line, at 8%. Although this isn’t quite on par with prime central London, this affluent residential area has suffered a drop in demand as a result of high prices, at an average of £1,466,516.
As it crosses two lines through the centre of the city, the Northern Line extends into some of London’s most expensive areas.
Tottenham Court Road boasts the highest average house price, at £2,083,431, followed by Hampstead. The third spot goes to Charing Cross, at £1,416,625.
Yet again, the southernmost tip of the Northern Line tops the list for the most affordable property. Morden’s average price is just £398,422. Colindale has the second most affordable house prices, at £405,576, while Zone 5’s Edgware enjoys an average value of £434,211.
The Night Tube will be particularly beneficial to these three areas, as late night crowds will be more inclined to live further out of the centre, knowing that they can still get home cheaply and easily.
The most impressive growth rates on the Northern Line are scattered across all zones. Burnt Oak has recorded the greatest increase in house prices on the line, at 12%, and was trailed by a three-way tie between Edgware, Kennington and Waterloo, at 10%. Morden again shows impressive growth, at 9%.
But despite strong growth around the capital’s outer zones, it was the prime central London stops that recorded the greatest declines. Goodge Street, Warren Street and Tottenham Court Road all saw prices fall by 1%. This is no doubt a result of these areas being home to some of the highest property values.
Clearly, the Night Tube service on the Northern Line will have the most positive effect on homeowners living in the furthest reaches of north and south London, making property on the outskirts of the capital more appealing, particularly to younger would-be homebuyers.
The Piccadilly Line will launch its Night Tube service on Friday 16th December, and other lines are expected to expand their routes in the New Year.
The Founder and CEO of eMoov, Russell Quirk, comments: “The launch of the Northern Line Night Tube service is no doubt one of the most anticipated, as the line connects both the very north and south peripherals of the city, with the Jubilee and Victoria line services merely brushing the boundary south of the river.
“With the price of property in central London forcing many, especially younger, homeowners and renters out into these peripherals, property close to a 24-hour link that reaches right across the city will be a sought after commodity indeed.”
He continues: “Property demand across the Northern Line reflects this, with the most sought after stations for buyer demand all located in Zone 3 and further afield, with the exception of Clapham North. Although demand should increase the entirety of the Night Tube service, homeowners at each end of the Northern Line should be particularly well placed to see the value of their property increase, in line with this heightened buyer demand.”
Landlords, now might be a great time to buy on the Northern Line…
