Waltham Forest tipped as 'property hotspot' after Night Tube launch
09-26-2016
Estate agent Portico has claimed Walthamstow could see a housing boom after the introduction of Night Tube
Tom Barnes, Reporter covering Waltham Forest. Call me on 07795 507440
An estate agent has claimed Waltham Forest has become a “property hotspot” following the introduction of Night Tube earlier this month.
London-based agent Portico has singled out Leyton and Walthamstow as two areas that could be set for a housing boom thanks to the launch of 24-hour weekend tube services.
House prices within half a mile of Night Tube stations are forecast to increase by five to 10 per cent above the general rate of growth in the nearby area.
Mark Lawrinson, Portico regional director, said: “Night Tube will appeal to young professionals who work and party in central London but can’t afford to buy in Zone 1 or 2.
“The new 24-hour service will mean they can push further out to more affordable areas, while still maintaining the lifestyle they want, and without spending a fortune on taxis.”
“When Crossrail plans were announced, there was a huge spike in demand from both tenants and homebuyers wanting to move into the chosen areas while prices were still affordable.
“We expect a similar rate of demand for areas on the Night Tube when the service is fully rolled out.”
Portico said Leyton could appeal to new buyers due to its Central line station, which offers a 20 minute journey into central London, as well as recent investment and regeneration in the area.
However, the agents said prices could be set to rise even higher in Walthamstow, due to its location at the end of the Victoria line.
It described Walthamstow as having: “transformed from an undesirable and scruffy part of town into a hotspot for late twenty-somethings”.
Mr Lawrinson added: “Most Londoners will have considered Zones 4 onwards out of reach, but the Night Tube has opened up new possibilities.
“We expect areas at the end of the lines to see the biggest property price rises, such as Cockfosters, High Barnet and Walthamstow.”
Night Tube, which launched on August 19, has seen Underground services on the Central and Victoria lines run throughout the night on weekends.
It will operate on the Central line between Ealing Broadway and Loughton or Hainault. Victoria line services will run the full length of the line.
A 24-hour weekend service is also planned for the Northern, Piccadilly and Jubilee lines.
However, the projected rise in the cost of living in outer London has not been welcomed by all.
The Association of Residential Letting Agents has warned Night Tube could be a “double edged-sword” for private tenants, who will now have 24-hour access to central London, but could also see rent hikes.