The Land Value and Transport Modelling and Appraisal report has developed three new models of the property market in the North of England – an area of 40,000km2 with 15 million people and 7.1 million homes.

The models quantify the extent to which transport links can make locations more attractive to people and businesses. They also include a wide range of other factors contributing to property value, including access to local facilities, schools and green space. The 163 page study found that across the North there is a premium on being well connected. Ease of access to employment is a key driver of property values, with rail, road and pedestrian accessibility to jobs all adding value.

Rail access alone can add 14% to the value of a home. For every additional 10,000 jobs that are readily accessible by rail, there is a property price premium of 0.16%. There is also a premium of 0.19% per 10,000 jobs accessible by car.

The ability to walk to work has the most significant impact on values, with a property price premium of 3.61% for each additional 10,000 jobs within reach by walking – although the total number of jobs accessible by walking tends to be smaller than by car or rail. This is seen in the 'city centre premiums' in the market, and also points to the value of mixed urban development as the Northern economy grows.

This adds further evidence to the need for spatial planners to think about the relationship between real estate development and transport facilities as outlined in the Better Planning, Better Transport Better Places advice report produced by CIHT. The London CIHT region will also be showcasing how the two are interlinked at the “From Best to Better: Planning for Transport and Better Place in London” event taking place this week. A limited number of tickets for the evening event are still available.