The Piccadilly Line will join the controversial Night Tube service on Saturday. If you’re looking to take advantage of higher levels of demand, we have the hotspots that you should consider.
Online estate agent eMoov.co.uk has examined the average house prices and demand levels along the latest Night Tube line.
As of Saturday, the Piccadilly Line will be joining the Victoria, Central, Jubilee and Northern lines in the weekend service. Other lines are rumoured to begin running all night in 2017.
It’s no surprise that the Royal Borough of Kensington and Chelsea takes the three top spots for highest house prices across the latest Night Tube line. First place goes to Knightsbridge, which has a whopping average house price of £3,252,425 following a 2% increase over the past year.
South Kensington, where the average property costs £2,764,684 after rising by 4% over the last 12 months, is closely followed by Gloucester Road, at £2,744,439 with a 4% increase.
Contrastingly, Hounslow’s three stations top the list for the most affordable house prices across the latest Night Tube line. Landlords should look around Hounslow East, Hounslow Central and Hounslow West for low house prices – the average property value of £365,139 has risen by 8% over the last year.
Demand across the entire line stands at 24%, while Hatton Cross is experiencing the highest levels of demand on the line, at 55%. It is followed by Turnpike Lane, at 47%, and Southgate, at 43%.
Landlords should avoid the borough of Kensington and Chelsea yet again, as Knightsbridge and Hyde Park Corner are both seeing demand levels of just 5%, while South Kensington sits at 6%.
The Piccadilly Line is currently under attack due to a train shortage, which has caused slow waiting times and cancelled journeys. However, it plays an important role in the Tube network as the only underground route in and out of Heathrow Airport, where the surrounding average house price is £799,092. Travellers can get to terminals 2, 3 and 5 on the all-night service, while terminal 4 will have regular service times.
Despite the pricey neighbourhoods surrounding the latest Night Tube line, the introduction of the 24-hour Tube service is certain to increase both demand and property values across the route.
Landlords, take advantage of these hotspots by choosing your next investment wisely. Remember to protect your property with market-leading Landlord Insurance from Just Landlords.
The Founder and CEO of eMoov, Russell Quirk, says: “The Piccadilly Line has some of the most expensive property in London and the UK, and it is no surprise that the demand is low in these areas.
“However, as with the majority of London, an exodus of buyers to the outer boroughs has seen demand in these peripheral areas increase. This is sure to see prices follow suit, and the addition of a 24-hour Tube line will no doubt help with this.”