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24 HOUR TUBE - IS IT WORTH IT?

24 HOUR TUBE - IS IT WORTH IT?

by James Huntly

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James HuntlyDirector

 

 

 

 

London is once again being held hostage by the threat of yet another tube strike that could grind our capital to a halt. Transport for London’s plan to implement a tube service that will run through the night will once again cause tube workers to stage walk outs on the 8th and 10th of September if an agreement over pay and long working hours is not reached.

The walk outs were originally planned to take place between 25th and 28th of August but was called off by unions as a “gesture of good will.” It’s thought that the decision is due to progress in talks and to allow further talks to take place before the next strike.

Whilst you struggle to get to work, you can take solace in knowing that petitions and campaigns are surfacing to introduce driverless tubes. Imagine that, a tube system that ran through the night and didn’t halt whenever there was a disagreement. It seems like an impossible dream, but for now we can look forward to a 24 hour service.

There’s no doubt that the new service will be beneficial to commuters who have to struggle onto crowded night buses to get home. The TFL have reported that the amount of passengers using the tube on Friday and Saturday nights has risen 70% since 2000, so something is definitely needed to match the increase in demand. While the night tube will offer more options for commuters, what will it mean for the rest of London?

By implementing a 24 hour tube system, London will finally cement itself as a city that never sleeps. New York and Sydney already have 24 hour subway systems and London’s inclusion will allow our capital to offer fiercer competition to these cities. New businesses of all types may start to crop up around London, looking to take advantage of the new night time economy that the around-the-clock tube system would help open up.

Britain is showing signs of constant economic growth and as we continue to recover, more jobs (as we’ve been seeing already this year) and opportunities are presenting themselves. According to the TFL, the introduction of the night trains will bring 2,000 new jobs to London in a variety of roles. 24 hour tubes won’t just benefit revellers and those who work late into the night, it’ll give more options to an expanding workforce while creating further jobs.

London is once again the most visited capital in the world and is the most attractive city for foreign investors. In order to maintain this status and the income it brings, London needs to be constantly developing and evolving. An increased night time economy could be just the innovation our capital was waiting for.

The night tubes will also have a positive effect on London’s property market. End of the line locations will become increasingly attractive as the new tube service begins to make these areas more accessible. Increased interest will see raised prices and new investments that will help lift local economies and help to renovate areas into fresh London hotspots.  

The emergence of new property hotspots will also attract developers who want to capitalise on the capital’s increasing potential. The introduction of around-the-clock tubes may see land and development sites throughout areas like Walthamstow and Harrow become prime targets for developers, as they expand to end of the line and zone 4 areas.

As the property market expands along London’s underground, investment opportunities will be rife. London’s housing industry will certainly be able to benefit from the injection of profits and investments made in areas that are currently in need of some serious renovation.

The constant threat of tube strikes may be incredibly inconvenient, but the end result of the 24 hour move will help make our great city, even greater.