Improved Transport Infrastructure ‘Sees House Prices Grow Strongly’

Improved transport links in numerous cities have resulted in strong house price growth, new research has revealed, with new tram lines helping to push up property values.

The Lloyds Bank study has found that house prices in Manchester, Birmingham and Edinburgh for properties along tram routes have all grown by an average of 12 per cent in the first two years of the tram lines opening.

Mortgage products director Andrew Mason said: “A new and modern transport system is potentially a great catalyst to urban regeneration and can be a game changer for cities investing in improved links. An excellent tram system can stimulate inward investment for the local economy, unlock previously hard to reach sites for development and make it easier for people to move around the city.”

Half of all residential locations close to tram stops in Nottingham, Birmingham, Manchester, Edinburgh and London have all seen house prices climb quicker than the surrounding areas. In Manchester, for example, residences along the south Manchester line have seen prices climb by 343 per cent since 1995, compared to a rise of 276 per cent across the city as a whole.

Of course, you can’t decide to build a tram stop near your home but there are other ways you can increase its value. For example, you could add in central heating or convert the attic or loft to increase the amount of living space on offer. Extensions are also another great way of increasing the value of the property, while new kitchens and bathrooms will also get you a great return on your investment.

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