Nottingham and Sheffield
The property price rises in Nottingham as reported in the Daily Telegraph, 2013
Fast track to a boom
“Nottingham’s tramlines, ripped out 65 years ago, are now being re-laid. The prospect of superb transport is driving up the city’s house prices, finds Caroline McGhie.
The interest is also reflected by the speed at which properties close to the tram route are selling. A house at Cinderhill, a spur on the line, sold at £80,000 virtually overnight. In other affected areas, such as Hyson Green, which are full of down-at-heel little Victorian terraces, prices have been ‘rocketing’. ‘Houses which were going for £30,000 two years ago now fetch £65,000 to £90,000,’ says Richeux.
Comparisons are inevitably being made with Sheffield, where agents reported substantial price increases when its Supertram was installed, and where 80 per cent of new development is now within 500 metres of it. In Croydon, south London, too, where 30,000 people each day use the new Tramlink, there has been detectable upturn in shoppers, a large increase in house prices and a downturn in car parking.”
Bob Chard
Property values only increase “around tram stops” and not “along tram tracks” if the stops are wide spaced. This is significant because although the property values will increase up to 400 metres from a stop, in all directions, the graph is a “distance decay curve” with quite a steep downward curve. The real property speculation money is made very close to the stops.
• Bob Chard – Town Planner and Transportation consultant. Member of UK Tram (Ultra Light Rail Group) 2012-present. M.A. Geography, Oxford University, Dip. Ed, Education, Oxford University, Dip. T.P., Town Planning, Liverpool College of Building, 1968. B.A., Environmental Science, Open University, M.Phil., Architecture, York University IAAS. Bob Chard has over 40 years experience working as a town planner in UK and overseas; in local government, as a consultant and teaching in polytechnics and universities. For the last 20 years he has worked mainly on major transport infrastructure developments in London and the south east; with particular responsibilities for town planning and environmental aspects of project development and evaluation. He has particular expertise in:-
Consents procedures for transport infrastructure developments
Environmental resources protection and management
Town planning legislation; government policy and advice
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http://www.lloydsbankinggroup.com/Media/Press-Releases/press-releases-2017/lloyds-bank/House_prices_boosted_after_opening_tram_routes/
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Research finds new tram routes in cities boost nearby house prices
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