According to the latest Nationwide house price index, homebuyers are willing to pay a £12,000 premium for Manchester properties for sale located 500m from the nearest station, compared with a similar home 1,500m away.
Nationwide also found that 65% of properties in Greater Manchester are within 1.5km of a Metrolink stop or railway station.
With that in mind, we decided to take a look at Manchester properties for sale near rail links.
Robert Gardner, Nationwide’s Chief Economist, said: “Greater Manchester is served by an extensive network of railway and tram lines, with around 90 railway stations and a further 41 Metrolink stops. In 2010-11, there were over 48 million passenger journeys made by rail with Greater Manchester, with a further 19 million journeys by Manchester Metrolink.
We examined how the proximity of a Metrolink or railway station impacted property prices in Greater Manchester after taking account of other property characteristics, such as type, size and local neighbourhood.
Our research illustrates that people are willing to pay a significant premium to be close to a station.”
Nationwide found that Manchester properties for sale situated 500m from a station attract a 7.3% price premium.
A house or flat located 750m away from a station attracts a 5.2% premium, whilst one situated 1,000m away commands a 3.3% premium.
Best locations for Manchester Properties for Sale Near Rail Links
So, what are the best locations for home hunters looking for easy access to rail links? Nationwide identified a number of areas which are currently best-served by the network. These include: the City of Manchester, Trafford, Salford and Stockport. Over half of all properties situated in these areas have a station within 1,000m.
Salford properties for sale have been the real success story. The new home of BBC North, Salford has experienced a huge reversal of fortunes in the last 10 years, with massive regeneration and rebuilding programs.
Least Well Served Locations
Oldham and Rochdale were identified as the areas least well-served by the Greater Manchester rail network. However, Nationwide did point out that the Metrolink Phase 3 plans to restore the line from Victoria to Rochdale could lead to an improvement in this area in the future.
Ones to Watch...
Manchester’s ever-expanding Metrolink system could see a number of areas benefit from higher house prices in the future. Future Metrolink extensions include the South Manchester line, which will reportedly go from St Werburgh’s Road to East Didsbury via Didsbury Village.
Once upon a time, Droylsden properties for sale were regarded as undesirable. Not so now. The first phase of the East Manchester line from Piccadilly to Droyslden is scheduled to open later in the year, which could put Tameside back on the desirable property map.
Nationwide also found that Mancunians aren’t willing to pay as much to be near rail links as Londoners. The capital’s residents are reportedly willing to pay a 9.1% premium for London properties for sale located 500m from a rail station.
Search My Homes Unlimited for a wide variety of Manchester properties for sale near rail links.