Metro works expected to boost Midland house prices

Birmingham estate agent Barrows and Forrester has looked at property prices along the existing Metro line and found on average, homes are worth £226,909.

Looked at the areas where line extensions are currently under construction it found the average property price sits at just £189,507.

Previous research from Nationwide Building Society found that property prices within 750 metres from a transport station are six per cent higher on average compared to those at a further distance.

The business says that with a Metro station on the way, these pockets of the property market could be due for a boost in values, with a six per cent 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 six per cent 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 and a six per cent increase would bring this up to £172,701.

Extensive

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 West Midlands is currently undergoing extensive plans to transform transport infrastructure. As well as a number of Metro extensions either planned or already underway, work has begun on the 180-mile test route for an ambitious autonomous vehicle network.

Currently, house prices along the route sit at an average of £232,212 but this could climb to £246,145 due to the availability of upgraded transport links.

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.

"Our advice to savvy buyers would be to buy at a lower price point along with a soon to be completed extension, as this will ensure the convenience of a good transport link without paying through the nose, while almost certainly seeing the value of your investment climb over the coming years.”