Greater Manchester is served by 90 railway stations and 41 Metrolink stops. In 2010-11 there were over 48 million passenger journeys made by rail within Greater Manchester. So it is no surprise, perhaps, that Greater Manchester residents stump up an extra £12,000 to live near a train station, according to new research.
A report from Nationwide shows that a property 500m from the nearest station compared with a similar property 1,500 carries a significant premium of 7.3 per cent on its price.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “Our research illustrates that people are willing to pay a significant premium to be close to a station. As you would expect, the premium that people are willing to pay increases as you move closer to a station. A property located 1,000m from a station commands a 3.3% premium, at 750m this increases to 5.2% and for a property 500m from the station the premium is 7.3%.”
“65% of properties in Greater Manchester are within 1,500m of a station,” adds Gardner. “The areas that are least well served are currently Oldham and Rochdale, following the closure of the Oldham Loop line. However, Metrolink Phase 3 plans to restore the line from Victoria to Rochdale, which would improve access in this area in the years ahead.
“In addition to the Oldham line, further extensions of the Metrolink system should help improve transport accessibility in the Greater Manchester area. The South Manchester line will extend from St Werburgh’s Road to East Didsbury, via the popular Didsbury village. Meanwhile, the first phase of the East Manchester line from Piccadilly to Droylsden in Tameside is due to open later this year, with a further extension planned to Ashton-under-Lyne.
“Network Rail’s Northern Hub plans should also benefit residents in Greater Manchester, with improved rail services across the area and beyond to cities such as Liverpool, Leeds and Sheffield. Part of these plans includes the construction of the Ordsall chord, which will provide a direct rail connection between Victoria and Piccadilly stations.”
But even with more stations on the way, Manchester’s homeowners are less keen on transport than those who live in London, where residents pay a far higher premium to live close to a station.
Gardner continues: “While Mancunians clearly place a significant value on proximity to rail links, the evidence suggests that they aren’t willing to pay quite as much extra to be near them as their London counterparts. This probably reflects the greater reliance on public transport in the capital, with residents less likely to drive to and from work. “