With the Piccadilly line joining the Night Tube revolution, leading online estate agent eMoov.co.uk, has examined the average property price and property demand levels along the London’s currently most hated line to honour its introduction to the nighttime service.
As of Saturday, the Piccadilly line will be joining the Victoria, Central, Jubilee and Northern lines in the all weekend service, and rumour has it that other lines will begin running all night in 2017.
It is no surprise that the Royal Borough of Kensington and Chelsea sweeps the three top spots for most expensive properties on the Piccadilly line. First place goes to Knightsbridge, with a whopping average property cost of £3,252,425 and a +2% increase in the past year. South Kensington, where property is valued at £2,764,684, has jumped +4% throughout the year and is closely followed by Gloucester Road with house prices averaging £2,744,439 with a +4% shift from last year.
In contrast, the stations in Hounslow top the list for most affordable property across the dark blue line. Hounslow East, Hounslow Central and Hounslow West stations all share an average property price of £365,139 with a +8% increase from last year.
Property demand across the entire line sits at +24%, while demand in Hatton Cross is the highest on the line at +55%. It is followed by Turnpike Lane at +47% and Southgate at +43%. The lowest demand on the Piccadilly line is yet another sweep for the borough of Kensington and Chelsea, hardly surprising considering it is home to some of the nation’s costliest real estate. South Kensington is the third least in demand at 6%, behind Knightsbridge and Hyde Park Corner at 5%.
The Piccadilly line is currently under attack because of a train shortage, which has caused slow wait times and cancelled journeys. However, it plays an important role as the only underground route in and out of Heathrow airport where the surrounding average property price is £799,092. The all-night service will bring travellers into terminals 2,3 and 5, while terminal 4 will have regular service times.
Despite the pricey neighbourhoods populating the Piccadilly line in central London, the introduction of the 24-hour tube service is certain to increase both the demand and property value in the areas located at each end of the line.
Founder and CEO of eMoov.co.uk, Russell Quirk, commented:
“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.”