The night tube has been rolled out across many of London’s tube lines.
Night tube services are now up and running on the Victoria and Jubilee Lines, and most of the Piccadilly, Central, and Northern Lines, providing a 24-hour service on Friday and Saturday evenings.
The night tube is credited with creating new jobs and rejuvenating London’s night-time economy, making it easier for people to head out on Friday and Saturday evenings while speeding up the process of getting home afterwards – the night bus can feel interminably long if you have to travel from north to south or from Central London to the outskirts, while an Uber might no longer be necessary.
Geographically speaking, the Pimlico, Westminster and Belgravia areas all sit side by side. Victoria Station and Pimlico Underground Station (both served by the Victoria Line night tube) are nearby, giving night tube travellers easy access to these areas on Friday and Saturday evenings. There are other tube stations in the vicinity, such as Westminster (via the Jubilee Line), which also allows for night tube access to these areas.
This is great news for night revellers and shift workers alike, but what does it mean for the neighbouring areas of Pimlico, Westminster, and Belgravia?
In terms of property prices, the value of properties close to night tube stations could receive a boost. Indeed, property values across the Victoria Line night service increased by an average 3% between 2015-16. But can property values in an area such as Belgravia really be boosted any further? Perhaps not. The night tube is more likely to boost the value of properties in areas which are further out (Zone 4 and beyond), such as Walthamstow or Stanmore. Since plans for the night tube were announced, property prices at the end of night tube lines have increased by approximately 20%.
While property price rises across Pimlico, Westminster and Belgravia appear minimal as a result of the night tube, we should look to other ways these areas may have been affected by the late night service. Belgravia is known for being a peaceful residential enclave, at least compared with other parts of inner London, but it still has a strong supply of restaurants, bars and eateries. The night tube will surely be of benefit to such establishments in bringing more customers into the area. It may also attract more hospitality workers to look for jobs in the knowledge they can travel home easily after an evening shift.
The area around Victoria Station, for example, hosts a selection of theatres and other night-time venues. With the night tube in operation, it will be easier for workers and revellers to travel back and forth, but will it really be of benefit to locals?
If you are planning to let, sell or buy property within the Pimlico, Westminster or Belgravia areas, then you can expect to benefit from the night tube, while buy-to-let investors will do well to invest in property in an area served by the night tube.
The night tube will benefit local businesses as visitors will have the freedom to remain in Central London for longer in the knowledge they can get home quickly by tube. Hospitality workers will also be able to travel home more easily, offering a further boost to the food and drinks industry. Meanwhile local residents will have more freedom to work or socialise in other parts of the capital, knowing they too can get home late in the evening by tube.
However, the night tube has yet to be rolled out across all the tube lines. Nearby Sloane Square Underground Station, for example, does not benefit from the night tube service as it is only on the District and Circle Lines. Only when the night tube is rolled out across all tube lines – and during the working week – will local residents, businesses and property investors see the benefit.
