16 June, 2008 – Property prices should gain from congestion charge
It has been predicted that properties close to better transport links throughout Greater Manchester could see their value rise after the government approved the Transport Innovation Fund plans for the city.
The city region is in line for a £3 billion windfall, partly from the government, to improve its bus, train and tram services after being lined up to be the first city outside London to have a congestion charging system.
Paul Collins, the property editor of investor magazine BuyAssociation, said Manchester’s situation could echo that of the capital, stating: "We’ve seen in other cities – particularly in London – that if you’ve got a good public transport network then prices will go up, so it should be a real help."
Such a situation may particularly benefit homes that will benefit from being near enhanced transport links and with it the chance to avoid having to drive into the charging area in rush-hour periods.
Plans already in hand to enhance the local transport network include an extension of the Metrolink tram system, which had £575 million of government funding approved last month.
This expansion will continue further if the charging system is confirmed.
Source: Knight Frank press release