05 July 2012
- £12,000 premium for a property 500m from the nearest station, compared with a similar property 1,500m away
- 65% of properties in Greater Manchester are within 1.5km of a Metrolink or railway station
Commenting on the figures, 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 within Greater Manchester1 with a further 19 million journeys by Manchester Metrolink2.
"We examined how the proximity to a Metrolink or railway station impacted property prices in Greater Manchester after taking account of other property characteristics, such as property type, size and local neighbourhood type.
"Our research illustrates that people are willing to pay a significant premium to be close to a station.
"A property located 500m from a station attracts a 7.3% price premium (approximately £12,000 based on average prices in the area) over an otherwise identical property 1,500m from a station.
1 Office of Rail Regulation – National Rail Trends Regional Usage Profiles Table 7.6d
2 Department for Transport – Light Rail Statistics Table LRT0101
For more information please see the full reports: House price index