New tram routes boost house prices

House prices have risen in areas near improved transport links according to research by Lloyds Bank.

Property prices along the tram routes in Manchester, Birmingham and Edinburgh grew by an average of 12% in their first two years of opening.

In Manchester, the residential area served by the South Manchester line has seen house prices grow by 343% since 1995 compared to an increase of 276% in the city as a whole.

Andrew Mason, Lloyds Bank mortgage products director, said: “A 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.

“These are important factors for the housing market, and we can see these routes have helped boost increases in property values.

“Many properties close to tram links have recorded an outperformance in house price growth compared to the city as whole. Having a tram stop on your doorstep can make a lot of difference.”

The research by Lloyds Bank looked also to the impact of future transport regeneration with Crossrail, with properties along the future Elizabeth Line already increasing by 22% in the past two years.

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