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.

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

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

how to present your property for sale
Estate Agent Talk

6 Property Management Marketing Strategies For And Beyond

Did you know that over 70% of individual renters find their new homes on the­ internet? In our current digital e­ra, a sturdy online existence­ isn’t just an extra for property management firms—it’s a critical need. Nonethele­ss, with innumerable property administrators scrambling for visibility, how might your firm gain promine­nce? The solution is a de­tailed…
Read More
Estate Agent Talk

Strategies for Successful Real Estate Investment: Emphasising Luxury and Privacy

The appeal of luxury real estate lies in its ability to combine opulence with exclusivity, offering more than just a property but a lifestyle investment. For those seeking to enter this lucrative market, understanding the nuances of where and how to invest is crucial. As we navigate through key strategies for successful real estate investments,…
Read More
Estate Agent Talk

Leasehold and Freehold Reform Bill – Thoughts from the Industry

The Leasehold and Freehold Reform Bill has become law with the Act making it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges. The Act will also remove barriers for leaseholders to challenge their landlords’ unreasonable…
Read More
Who are Rentd
Letting Agent Talk

Renters (Reform) Bill Dropped – Thoughts from the Industry

The Renters (Reform) Bill has been dropped as a result of the general election being called. Here are some thoughts from within the property industry. Ben Beadle, Chief Executive of the National Residential Landlords Association: “It is hugely disappointing that this Bill will not now make it into law. The news comes despite the fact that…
Read More
Estate Agent Talk

July 4 General Election – Thoughts from the Industry

Prime Minister, Rishi Sunak has called a general election for July 4, 2024, citing now being the time for the people of Britain to choose the next government. Here are some thoughts from within the property industry. Tim Bannister, Rightmove’s property expert: “A look back at recent elections shows that house prices and activity usually…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England…
Read More