Oxford property market to benefit from new transport links
New rail and road schemes are often important factors for people when looking for a new place to live, and can even bolster home prices in some regions of the country.
George Osborne announced 35 new transport initiatives in the Chancellor’s Autumn Statement in November which could make a difference to the housing market and even boost local residential property prices in some parts of the country.
The Government desperately needs a positive strategy for growth and making infrastructure the centrepiece of the Autumn Statement is a good start,” said a spokesperson for the Royal Institute of Chartered Surveyors. “Upgrading Britain’s creaking infrastructure will deliver much needed work to members and the benefits will be felt throughout the economy.”
The opening of the Hindhead tunnel in Surrey in July 2011, for example, has had enormous benefit for property prices in key areas south of the tunnel, such as Grayshott and Haslemere, which have seen property prices increase significantly, according to estate agents Knight Frank.
“New or improved transport infrastructure can make a significant difference to the market, especially if it becomes easier to commute into a nearby city,” said Grainne Gilmore of Knight Frank. “Ease of travel is high on any list of priorities for new buyers.”
Surrey has long been a popular part of England in which to live in. Cobham estate agents, for example, have been kept busy in recent months due to high demand for property for sale in Cobham as well as property to rent in Cobham.
Elsewhere in the country, Oxford estate agents John D Wood & Co. anticipate a major increase in demand for property for sale in Oxford thanks to the Autumn Statement.
The Government announced that it is backing ‘East West Rail’ between Oxford and Bedford as part of the National Infrastructure Plan. The new line, which aims to be open by 2017, will provide a fast link from Oxford to Bicester, Leighton Buzzard, Milton Keynes and Bedford, by-passing London and linking the West of England with the Midlands and the North.
As well as potentially boosting property sales in Oxford, the new scheme is expected to also drive greater demand for property to rent in Oxford.
A spokesperson for John D Wood & Co. said: “This announcement is excellent news for the villages in North Oxfordshire and Buckinghamshire, bringing a fast link from the academic and research centres of Oxford to the growing towns of Bicester and Milton Keynes.
“Chiltern Railways is also aiming to operate a new 100mph service between London Marylebone and Birmingham, stopping at Bicester and linking up with Oxford. This will provide a significant boost for commuters in Oxfordshire.”
In London, Battersea estate agents are also delighted with the Chancellor’s infrastructure spending, particularly the decision to extend the Northern tube line to Nine Elms and Battersea.
Peter Damesick, EMEA chief economist at property adviser CBRE, commented: “A specific benefit for London is the extension of the Northern line to Nine Elms and Battersea, using Tax Increment Financing.”
Given the perilous state of public finances and the economic maelstrom at home and abroad, the Chancellor’s Autumn Statement went about as far as the property industry could have reasonably hoped.
AUTHOR Bio: John Alcorn looks at the positive reaction from Oxford estate agents to the 35 new transport initiatives in the Chancellor’s Autumn Statement which should boost demand for property for sale in Oxford as it has done for property for sale in Cobham.
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