Houses: £12,000 tram boost

SUPPORTERS of the Metrolink expansion say running trams through Oldham could increase house prices by up to £12,000.

The figure was arrived at by economists who claim travel time savings generated by more trams will increase property prices by between 0.4 per cent and 5.4 per cent in areas benefiting from the expansion.

This equates to an increase between £3,000 and £12,000.

Across Greater Manchester the total value of housing stock would soar by between £295 million and £515 million.

Greater Manchester’s economic development agency, Manchester Enterprises, commissioned London-based consultancy Volterra to study the economic impact.

It used a formula to work out how time savings generated by trams in areas such as Oldham would have a direct impact on property prices.

The expansion is part of the Transport Innovation Fund (TIF), which will see up to £3 billion being spent on major improvements in public transport.

But it will be partly paid for by the controversial Manchester congestion charge.

A referendum, likely to take place early in December, will decide whether the scheme goes ahead.

Manchester Enterprises chief executive Mike Emmerich said: “It is important to understand the impact the expansion programme would have on businesses and people who live and work in the region.

“This report focuses on the Metrolink expansion alone, which is only one proportion of the total package.

“The study provides a further source of information to enable people to judge the merits of the TIF scheme.

“It demonstrates the proposed Metrolink expansion could significantly increase individual house prices.”

Oldham is already guaranteed trams replacing the existing rail line into Manchester, but the TIF money would extend the tracks through the town centre.

Tram stops would be built at Westwood, King Street and Oldham Central and hundreds of new park and ride spaces at Shaw and Crompton and Mills Hill.

The travelling roadshow will be in Oldham town centre on the weekend of August 16-17 and at Shaw Market on Thursday, September 11.

Cabinet member for regeneration, Councillor Mohib Uddin, said: “The confirmed Metrolink line through Oldham, along with the proposed route through the town centre are part of the changes that will greatly improve transport and travel for Oldham people.

“As part of the TIF there will also be better bus and rail services, more yellow school buses and improved facilities for cyclists.”

For details, phone 0800-234 6100 or visit www.gmfuturetransport.co.uk