{"id":6031735,"date":"2020-06-02T09:56:52","date_gmt":"2020-06-02T08:56:52","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6031735"},"modified":"2020-06-02T09:56:52","modified_gmt":"2020-06-02T08:56:52","slug":"new-transport-plans-set-to-boost-house-prices-in-birmingham","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-au\/news\/new-transport-plans-set-to-boost-house-prices-in-birmingham\/","title":{"rendered":"New transport plans set to boost house prices in Birmingham"},"content":{"rendered":"

Some big changes are coming to Birmingham and the West Midlands. Thanks to a major upcoming transport boost, the property market there is set to become even more attractive.<\/strong><\/p>\n

Ongoing regeneration in the West Midlands, including a focus on the city of Birmingham, is playing a big role in changing the face of the area. Last month, Birmingham City Council extended its transport plan<\/a> which will transform how people travel in and around the city.<\/p>\n

As with any significant regeneration plans, the property market<\/a> will see the benefits directly. As the area becomes a more appealing place to live and work, increased investment in local housing will add a further boost. One leading estate agent is predicting a regional house price<\/a> boom as a result.<\/p>\n

Higher house prices near train lines<\/h4>\n

One key driver behind future house price growth is the planned new Metro lines and stations. This is the focus of a recent study by Barrows and Forrester estate agents.<\/p>\n

Its team looked at current house prices close to existing Metro lines, compared to places further from stations. The agent’s findings showed that while properties near the line were worth an average \u00a3226,909, those where line extensions were underway were currently worth around \u00a3189,507. The data shows how much potential the housing markets in these areas have once the plans come to fruition.<\/p>\n

James Forrester, managing director at Barrows and Forrester, said: \u201cThe current and continued development of the West Midlands<\/a> transport network will play a vital part in building the region\u2019s future and will help boost the local economy across a number of fronts.\u201d<\/p>\n

\u201cOne such boost will almost certainly be the pockets of the local property market, due to benefit from these developments and homeowners can expect to see the value of their property increase as these extensions become operational.”<\/p><\/blockquote>\n

\u201cAs our research shows, there is already a notable gap between property prices in areas already serviced by the Metro and those due to join the network.”<\/p>\n

What are the plans for Birmingham?<\/h4>\n

Alongside Birmingham City Council’s existing transport upgrade plans, it released a new Emergency Transport Plan last week. This set out some new measures in light of both COVID-19<\/a> and maximising Birmingham’s green standards<\/a>.<\/p>\n

The government also announced a \u00a32bn package to “support active travel” last month in the wake of coronavirus. Birmingham City Council’s latest plan “prioritises and accelerates” some of its existing plans based on this.<\/p>\n

The four major changes proposed by the council are:<\/p>\n