Research by 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.
Barrows and Forrester revealed it found that property prices along the existing Metro line and found on average were worth around £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.
Barrows and Foster said 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.
Managing director of Barrows and Forrester, James Forrester, said: “The current and continued development of the West Midlands transport network will play a vital part in building the region’s future and will help boost the local economy across a number of fronts.
“One such boost will almost certainly be the pockets of the local property market, due to benefit from these developments and homeowners can expect to see the value of their property increase as these extensions become operational. As our research shows, there is already a notable gap between property prices in areas already serviced by the Metro and those due to join the network.”