Why the night tube will benefit Marble Arch and local property.
At last, London has a 24-hour service on some of its Underground lines. These are the Piccadilly, Victoria, Jubilee, and some sections of the Northern Line. Many hope this addition to London’s transport system will have the same cultural impact on London as it has on Berlin or New York. Both these cities have operated 24-hour services on weekends and have seen a boost to their economies. It may be too early to judge whether it will have the same impact on the London economy, but hopes are running high.
So what areas of the city will benefit from the night tube line?
Many properties close to the stops on the lines operating the all-night service will see their value increase, especially those close to the centre of London. Marble Arch is one of the areas which will see the value of property close to the area of Marble Arch tube station increase in value.
House prices on the Central and Victoria Line are on average £300,000 higher than the rest of London. However the stations within Zone 1 are the ones that are benefitting most, with Marble Arch prices averaging at £2.5 million. Many letting agents have predicted that properties close to night tube stations will rise. This will surely mean landlords will be able to ask for higher rents for their properties.
Boosting the night time economy
The night time economy of the Capital is booming according to statistics from Worldpay. Since the Central and Victoria Lines began operating a 24-hour service in August 2016, the economy of London has seen a boost of 18% compared to August of the previous year. Restaurants and bars in the centre of the city have seen takings rise by over 70%. The good news for Marble Arch is that a third of this economic boom was experienced by businesses in the Westminster area.
The 24-hour Underground service will not only benefit people on a night out. There are many people who work during the night. People in the hospitality industry, nurses, shift workers and other people whose job requires them to work during the night will be able to take advantage of the service.
A positive boost for London and Marble Arch
The arrival of the night tube will have a positive effect on nearly all aspects of London’s life. Restaurants, bars and other businesses involved in night time entertainment have already felt the benefit of the new service. Theatres are benefitting from people being able to visit the evening shows and being confident of getting home after the show ends.
It is estimated that having a 24-hour service on the Underground will eventually create over 500,000 jobs for people living in London. It is also estimated London’s economy will benefit by an increase of around £6.4 billion.
The increase in the value of property and night time economic activity will certainly benefit residents and businesses in the Marble Arch area. Marble Arch, like the rest of London, is about to enter a vibrant and dynamic period.
If you would like to learn more about property in Marble Arch contact us today.