London houses have missed out on huge price increases because of Night Tube delays
Delays to the launch of the 24-hour Night Tube could have stripped billions of pounds in potential increases from property values across London, new figures reveal.
The Night Tube's arrival was expected to push up house prices along the route by as much as 10 per cent on top of growth in surrounding areas.
In the almost six-month period since the proposed launch date of September passed, the potential loss in growth totals as much as £1.9bn, it has been calculated.
Each property located in the areas expected to gain from the Night Tube missed out on as much as £40,000 in added value, on average, according to figures from online estate agent SellMyHome.co.uk and Dataloft, seen exclusively by City PM.
The research is based on a combination of factors such as the population of residents who are the Night Tube's prime target and the current house prices in areas compared to the average across the capital, as well as updated figures on recent rises in house prices.
Some areas expected to benefit from the increased service missed out more than others.
Homeowners in Canada Water and Bermondsey were the biggest losers, each missing out on a potential premium of nearly £47,000 per property.
[custom id="129"]
Collectively it was Finsbury Park and Canary Wharf which lost out on the greatest amount of potential capital – £200m and £354m, respectively.
[custom id="130"]