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How Will the 24 Hour Tube Access Affect House Prices?
As has recently been announced, many tube lines in London will soon be operated on a 24 hour basis.
We’ve all been there - hours spent in the early morning on packed night buses with no end or destination in sight. This may soon however be a thing of the past - public transport access from central London to the suburbs is already improving at an alarming rate, and it is suggested that by 2015 many tube lines on the network will operate 24 hours a day and be fully manned and controlled throughout this period. Details of which lines this currently applies to can be found on the map below.
But what does this mean for London house prices? It goes without saying that prices in the city are some of the highest in Europe, but with a greater degree of access many argue that homes along affected lines would be made more desirable and the prices would increase. In fact, a study by property consultants GVA suggested that the London Crossrail project would increase "residential and commercial value by as much as £5.5bn along the route between 2012 and 2021".
Although prices are likely to increase, many see it as one of the most positive reasons for a rise as the general public are actually gaining an extra service that wasn’t in place before.
The website Totally Money, have come up with this excellent map to find where in London you would like to live and how much you are expected to pay depending on which tube station you are near. A very useful piece of content!
High prices in London are often the cause of the result of tight planning rules. If you would like to find out more about planning and obtaining planning permission - contact us today