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