Whether your monopoly tactic is to buy orange and red, avoid utilities at all costs or use jail as a hotel retreat, we can all agree that owning the train stations is a solid strategic move.
This is also apparent in the property market, as it is a well-known fact that living near public transport hubs will increase your property value when compared to similar properties that aren’t close to the hubs.
Most potential buyers may seek homes close to a train station as it simplifies their need for a car, insurance, and environmental footprint.
But railway lines and train stations aren’t always the monopolies of house sales, as everyone seems to believe. If houses or properties are too close to a train station, it may harm your chances when you wish to sell that property as it needs to be quieter.
Similarly, some house prices won’t benefit significantly from a train station as the area isn’t in demand or undesirable.
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In a study completed by Admiral, who analysed 54,708 homes, 6,449 properties were listed on the market within half a mile of 81 train stations across the United Kingdom.
The average house value for listings within half a mile came to £579,954, which is 10.44% greater than comparable properties not within half a mile of a train station.
The data was taken from Zoopla, December 2022 and only included 2-4 bedroom properties and only five applicable houses within an area.
Properties listed within half a mile of a train station sell for more money than similar properties further away from stations in 60% of the UK’s regions. 23.46% of train stations in the UK increase the value of nearby properties by 1% or more.
The train station with the most significant house value impact is Woking train station in the South East. Houses within half a mile of the station are worth 17.93% more than similar homes further away from the station.
Scotland has a robust correlation between house value and proximity to a train station, with a 28.4% average increase. And, in London, there is an even more stupendous correlation between house value and proximity, at a 63.5% average increase.
There are several reasons train stations can monopolise the property market, like how they act as a more convenient option to travel to city business districts. But it’s important to note that train stations will sometimes increase your property value.
London’s Shepherd’s Bush train station appears less desirable, as local property listings dropped 38.07% within half a mile of the station. Properties in the North listed for sale in the East Midlands, North East, West Midlands and North West saw their property values decrease within half a mile of a train station.
Overall, living near a train station can significantly increase the value of a house. Not only does proximity to public transport make commuting more accessible and more convenient, but it also makes a neighbourhood more desirable to potential buyers.
If you’re looking to sell your home or want to increase its value, it might be worth considering the proximity of your home to a train station. Just make sure you’re not too close!
That’s all, folks! If you have any questions about how train stations might affect your house value, please get in touch with us!
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