Built-in bike storage can affect property prices
PUBLISHED: 17:37 03 October 2016 | UPDATED: 09:29 02 November 2016
Built-in bike storage can increase property prices
Cycling in the UK is as popular today as it’s ever been – probably even more so.
Today, cycle lanes run alongside most of our major roads and our cities swarm with those keen to avoid the congestion or keep fit.
The outstanding success of Team GB’s cycling team (over 10 gold medals won) also won’t have done the sport, and popular leisurely pastime, any harm.
Now, according to new research by property management company Bidwells, cycling can also be good for property prices.
Bidwells recently carried out some research which unveiled a number of interesting statistics, including the fact that less than one per cent of the national workforce use a bike as their main way of getting to work.
The investigation also confirmed what we probably all knew – that Cambridge and Oxford are the highest ranked local authorities in England when it comes to bike-based commuting.
At the last Census, a remarkable 20.1 per cent of the Cambridge working age population used a bicycle to get to work. In Oxford, the ratio was 13.3 per cent.
It was also noted that, in comparison with a national average price increase of 28.8 per cent in residential prices between June 2006 and June 2016, prices in Cambridge and Oxford rose by 75.2 per cent and 64 per cent respectively.
Patrick McMahon, senior partner at Bidwells, said: “What our research revealed is that cycling is undoubtedly good for property values, investment performance and of course the waistband.”
Jonathon Myles, of Vincent Shaw, agrees.
“Cycling is a big thing in Cambridge,” he observes. “Many people cycle as a primary form of transport and, even if it’s a secondary mode of transport, most people here have a bike. People often ask about bicycle storage and it does affect prices.
“I sold a flat in the centre near the station for £295,000 and then I sold another one nearby, which did have secure bike storage, and that one went for £300,000.
“When you’re trying to sell a property without it, it can be an issue – people are concerned. It’s more of an issue now, especially for young people.”
Mr Myles, a fully qualified and accredited in-house domestic energy assessor, continues: “When I sell a terraced house, buyers are keen to known they can bring their bikes directly into the garden without going through the house and leave it somewhere safe. I’ve been in this business for over 20 years and this didn’t use to come up...”
It’s not just potential home-owners and renters who now demand this facility (the fact that more bikes get stolen in Cambridge than anywhere else in the country means it’s now virtually an essential requirement).
“When I’m selling to investors, they are wary of people bringing their bikes into the building and damaging the walls,” says Jonathon. “They are definitely interested in having places to store bikes.”
So how are house prices affected by nearby cycle routes.
“A lot of people ask about cycle routes, like the new Chisholm Trail,” says Jonathon.
“Some have links to the soon-to-be-completed Cambridge North station and they are certainly beneficial.”