Reliable transport links are directly proportional to the property prices of any city in the UK, and the same holds good for UK cities, such as, Edinburgh, Manchester, Birmingham and Nottingham. The prices of properties located near the tram routes in all the four cities have seen considerable appreciation in the last two years, according to a news report by premier global property news service Property Wire.
Quoting a research by Lloyds Bank, Property Week has reported that the average house price along the Greater Manchester tram routes grew by an average of 11 per cent from £134,266 in 2013 to £149,511 in 2015 in the two years. This is almost double the 6 per cent increase recorded in the two years previously. Likewise, the property prices near new tram routes in Edinburgh witnessed an increase of 10 per cent from 3 per cent. In Nottingham, the property prices increased by 31 per cent near the tram routes.
“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,” Andrew Mason, Lloyds Bank mortgage products director, told Property Wire, it is reported.
The research from Lloyds Bank also shows that house prices along the new Elizabeth Line crossing London from Reading in the West to Shenfield in the East, are up by 22% over the last two years, even although it will not be fully open until 2019.