Cycle lanes boosting house prices by up to eight per cent
Reducing the distance to the nearest cycle network by just one kilometre is linked to a significant increase in the value of houses in Greater Manchester, with house buyers willing to pay more to live near a bike lane, researchers sayA common theme that emerges any time a new cycling infrastructure project is mooted in or near a residential area is the opposition of some local homeowners, furious that the proposed bike lane will replace some of their on-street car parking spaces, or narrow the...
According to a new study conducted by Erez Yerushalmi and David Hearne, researchers in business and economics at the Birmingham City University and the University of Birmingham respectively, the proliferation of cycle lanes in Greater Manchester in recent years has caused the value of houses in those areas to jump by up to eight per cent.
The researchers also pointed out that this increase is equivalent to approximately £312 per year, based on an annuity calculation with a three per cent interest rate over 20 years. By comparison, commuters travelling similar distances spend more than £900 annually on fuel and car parking, or more than £500 on bus fares.
Yerushalmi and Hearne also argued that this relationship between the value of homes and their proximity to cycle lanes in Greater Manchester – which, they note, is higher than that found in previous studies, mostly focused on the US – offers “planners a powerful tool to prioritise new cycling route investments”.
However, with funding for cycling infrastructure in the UK reliant on the central government, they pointed out that “it is likely that local assets like bicycle networks will continue to be underfunded – a missed opportunity for health, happiness, and economic development.”
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