The Association of Residential Letting Agents has warned the introduction of the 24-hour tube service in London may result in a spike in rent prices.
While extended transport hours present a boon for consumers and visitors to the capital, the introduction of the new service will make living at the end of tube lines increasingly attractive for those searching for affordable rent.
Nik Madan, president of the Association of Residential Letting Agents, said: “Many Londoners will be rejoicing to see the 24 hour tube finally coming into action, with service on the Central and Victoria lines going live on 19th August. It will mean less time spent on late night buses for those living in Epping or Walthamstow, and will make the prospect of living further out of London more attractive for renters – especially as rent costs continue to rise in the centre.
“However, it could be a double edged-sword for some parts of London.
“Transport links are a major player in influencing demand, and in turn rent costs, so as end-of-the-line areas become better connected, there’s a chance we’ll see prices rise.”
A quarter (24 per cent) of ARLA members based in London and the South East expect to see some rent increases around the tube stations which are connected to the 24-hour service, as they become more desirable areas for both the people who make their living from London’s thriving nightlife and for those who enjoy what the Capital has to offer.
The first Night Tube services launch on the Central and Victoria lines on Friday 19 August, with services on the Jubilee, Northern and Piccadilly lines following in autumn. The Night Tube offers a 24-hour service on Fridays and Saturdays.