The West Midlands property pockets due to see a transport inspired house price boost

June 1, 2020

Research by leading Birmingham estate agent, Barrows and Forrester, has highlighted the potential uplift in property prices expected across the West Midlands market as a result of the regions ongoing transport infrastructure upgrades.

The West Midlands is currently undergoing extensive plans to transform transport infrastructure with a number of current Metro extensions either planned or already underway, as well as news last week that work has begun on the 300km test route for an ambitious autonomous vehicle network.

Previous research from Nationwide Building Society found that property prices within 750 metres from a transport station are 6% higher on average compared to those at a further distance.

The Metro

Barrows and Forrester looked at property prices along the existing Metro line and found on average, homes are worth £226,909.

They then looked at the areas where line extensions are currently under construction and found the average property price sits at just £189,507. However, with a Metro station on the way, these pockets of the property market could be due for a boost in values, with a 6% increase bringing the average house price up to £200,877.

The B15 postcode, soon to be home of the new Five Ways station, could see the largest uplift in monetary terms with a 6% increase equating to a £13,746 boost in house prices.

As well as current extensions, there are a number of other areas earmarked for development, providing future homebuyers with a more affordable foot on the ladder and a potential return down the line.

The current house price in these earmarked areas currently sits at £162,296 however a 6% increase would bring this up to £172,701.

Again, the highest increases in a monetary sense would be in the areas surrounding the New Canal Street, Meriden and High Street Deritend stations, with an uplift just shy of £12,500.

The Autonomous Vehicle Route

But it isn’t just the development of the Metro that could help boost house prices, the additional benefits of the planned autonomous vehicle route could also play its part.

Currently, house prices along the route due to benefit from the service sit at an average of £232,212 but this could climb to £246,145 due to the availability of upgraded transport links.

The largest monetary increase would be for homeowners in Meriden, where prices could climb by over £20,000, closely followed by Curdworth and Baginton with jumps of £19,000 and £18,000 respectively.

Premium compared to property location 750m from a train station/tram stop
Location
Distance from station premium
Overall average within 750m from station
500m
750m
Glasgow
3.8%
2.7%
3.3%
London
9.4%
6.6%
8.0%
Manchester
7.8%
5.4%
6.6%
Average
7.0%
4.9%
6.0%
Current and potential house prices in areas due to benefit from the autonomous vehicle route
Category
Average House Price (current)
Potential Increase (6%)
Potential Average House Price
Line One (Existing)
£226,909
N/A
N/A
Extension under construction
£189,507
£11,370
£200,877
Line development
£162,926
£9,775
£172,701
Future stations due to benefit with the highest monetary increase in house prices
Future Station
Status
Postcode
Average House Price (current)
Potential Increase (6%)
Potential Average House Price
Five Ways
Extension under construction
B15
£229,100
£13,746
£242,846
New Canal Street
Future line development
B5
£207,216
£12,433
£219,649
Meriden Street
Future line development
B5
£207,216
£12,433
£219,649
High Street Deritend
Future line development
B5
£207,216
£12,433
£219,649
Current and potential house prices in areas due to benefit from the autonomous vehicle route
Route
Current Average House Price
Potential Increase (6%)
Potential Average House Price
Meriden
£344,734
£20,684
£365,418
Curdworth
£320,367
£19,222
£339,589
Baginton
£306,163
£18,370
£324,533
Solihull
£290,946
£17,457
£308,403
Allesley
£251,428
£15,086
£266,514
Eastern Green
£247,186
£14,831
£262,017
Yardley
£191,572
£11,494
£203,066
Coventry
£191,089
£11,465
£202,554
Birmingham
£185,499
£11,130
£196,629
Erdington
£181,963
£10,918
£192,881
Acocks Green
£177,824
£10,669
£188,493
Marston Green
£170,770
£10,246
£181,016
Saltley
£159,222
£9,553
£168,775
Average
232212.478
£13,933
£246,145

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