It has emerged that one of the most significant impacts on property prices is the ability to get to work easily.
The University of Leeds in its Land Value and Transport report focused on the relationship between transport and property values in the North of England, using three new models of the property market, in the region that covers a 40,000 sq km area of 15 million people and 7.1 million homes.
Ease of access to employment, schools, greenspace and local facilities by rail, car and walking were found to positively affect values in the residential property market and attracted a property price premium. The researchers found the most attractive method of getting to work was walking, which increased the value of residential property by 3.61% for every additional 10,000 jobs within reach. The property premium for homes with jobs that were accessible by car was 0.19% and by rail 0.16%.
The new Manchester Metrolink stations resulted in an average uplift within 1km of +6.3%, and the higher income South Manchester catchment area increased house prices by +10.5%. The Airport Line, with employment centres at each end as well as international connectivity, resulted in an increase of +20.6% in house prices.
‘Place quality’ was also found to play a significant role in the prices of residential property. Access to local centres, greenspace, and local shops and banks added around 7.5% to the value of the average home.
Noise levels and air quality were also contributing factors and the report found that protecting properties from road and rail noise, such as using tunelling, could add as much as 8% in value to nearby properties.
The greatest benefits were to be found in the more southerly of the North of England region, where income, job density and the scale of accessibility improvements were greater, whereas uplifts in less affluent areas were generally smaller.
If you’re moving house and want to find property within walking distance of home, check out Zoopla’s travel time search. The travel tool also looks at other methods of commuting and shows other amenities, such as schools, parks and health centres.
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