Launch of an overnight tube service on two lines of the London Underground will trigger private sector rent hikes
This week’s long-awaited launch of an overnight tube service on two lines of the London Underground will trigger private sector rent hikes in areas which benefit from the new 24-hour public transport.
That is the view of Nik Madan, the president of the Association of Residential Letting Agents.
The Central and Victoria lines go 24/7 on Friday, serving far-flung suburbs of London such as Epping and Walthamstow as well as more central areas.
“It could be a double edged-sword for some parts of London. 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” warns Madan.
“Twenty four per cent of ARLA members based in London and the south east expect to see some rent increases around the tube stations which are connected to the 24-hour service, as they become more desirable areas” he says.