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A new report reveals the relationships between transport and property value across the North of England. The report highlights how understanding these relationships can help inform infrastructure planning and investment—from inter-city rail connections to shaping the urban environment.
Researchers from the Institute for Transport Studies at the University of Leeds have developed three new models of the property market in the North of England—an area of 40,000km2 with 15 million people and 7.1 million homes.
Models - Extent - Links - Locations - People
The models quantify the extent to which transport links can make locations more attractive to people and businesses. They also include a wide range of other factors contributing to property value, including access to local facilities, schools and greenspace.
The report, funded by Transport for the North, West Yorkshire Combined Authority and the Engineering and Physical Sciences Research Council, is the first of its kind and the results are being presented at six international conferences this year.
Study - North - Premium - Ease - Access
The study found that across the North there is a premium on being well connected. Ease of access to employment is a key driver of property values, with rail, road and pedestrian accessibility to jobs all adding value.
Rail access alone can add 14% to the value of a home. For every additional 10,000 jobs that are readily accessible by rail, there is a property price premium of 0.16%. There is also a premium of 0.19% per 10,000 jobs accessible by car.
Ability - Impact - Values - Property - Price
The ability to walk to work has the most significant impact on values, with a property price premium of 3.61% for each additional 10,000 jobs within reach by walking—although the total number of jobs accessible by walking tends to be smaller than by car or rail. This is seen in the 'city centre premiums' in the market, and also points to the value of mixed urban development as the Northern economy grows.
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