House prices in London’s Battersea have surged since the government gave the green light to a Northern Line tube extension in November 2014, eMoov research shows.
Compared to then homes in Battersea are selling for 25% more at £945,724, outstripping growth in both its borough of Wandsworth (7%) and London as a whole (18%).
The Northern Line extension is expected to open in 2020, while in 2021 Apple is planning to move into a redeveloped version of the iconic Battersea Power Station.
Russell Quirk, founder and chief executive of eMoov.co.uk, said: “The extent of the regeneration and residential projects across the Nine Elms and Battersea area, along with the extension of the Northern Line service, should breathe a great deal of life back into the area.
“In a cooling London market, it is one area that certainly looks set to buck the trend and the healthy price increases seen in Battersea should persist up to, and beyond, completion in 2020.
“Battersea seems to be benefitting from its end of the line location on the extension.”
After the extension the Northern Line will run from Kennington to new tube stations Nine Elms and then Battersea Power Station, while it could be connected to Clapham Junction after that.
Unlike in Battersea prices in Nine Elms have fallen by 3% to £719,376 since November 2014, though they also dropped by 21% in the year before the announcement so it may not be a case of cause and effect.
Quirk explained: “It would seem that the numerous structural surveys carried out along the path of underground extension in Nine Elms and the risk of ground disturbance that comes with such a large-scale tunnelling operation are deterring buyers in the area, for the moment that is.
“Nine Elms is probably the only area of London that has also suffered from an oversupply of property.
“The extent of this residential construction process will also be causing price growth in the area to stall, but this negative growth is certainly on the reverse and prices should soon start to climb.”