Latest figures from the Department of Transport show that motor vehicle traffic in Britain is up by 1.8% in Q1 2015 when compared to the same period last year, climbing 0.8% since December 2014.
Busy, congested roads have long been a put off for potential property buyers due to unnecessary hours spent in traffic, as well as the danger they pose to young children and pets. However research by Britain’s most established online estate agent, Emoov.co.uk, has found that traffic volume isn’t as detrimental to property prices as it once was.
Throughout 2014 traffic on minor roads increased by more than 600,000 vehicles, when compared to the previous year. Emoov.co.uk found that of the top 10 busiest minor roads only one, the B4565 in Stockport (-1%), has seen surrounding property values decrease over the same time period.
The London Borough of Hillingdon was the busiest area, accounting for four of the top 10 busiest roads in Britain. The borough is also home to Britain’s busiest major road junction, a stretch of the M25 connecting London to the M4 and M40, two major motorways leading west – both of which guide traffic into the capital through the borough.
Despite traffic volume in Hillingdon increasing by 2% in 2014, the value of property in the borough as a whole has risen by 5% in the last year, resulting in an average house price of £411,000. Property surrounding Hillingdon’s four busiest roads has benefited further, with property values up by as much as 18%.
Although the increasing demand for property in outer boroughs and London commuter zones could be one reason buyers are overlooking this potential property put off, it seems it isn’t just confined to the capital.
The top 10 busiest roads also includes Milton Keynes (+3%), Swindon (+4%), Hampshire (+2%) and Leicestershire (+1%) all of which have enjoyed a value increase despite making the list. Solihull was top of the pile as home to the busiest road, with property values in the area also up by +1% over the year.
Founder and CEO of Emoov.co.uk, Russell Quirk, commented:
“It just goes to show that a busy B Road outside your front door is no longer a turn off for buyers. With the demand for property increasing, within London especially, people will now overlook a number of factors which may have swayed them away from a property in previous years.
It’s interesting that this isn’t confined to the capital. Perhaps the pendulum has swung with the rise in popularity of commuter friendly zones. Now living next to a major junction can be more desirable because it makes the morning commute that little bit more convenient. There are also those that won’t care about the amount of traffic passing through an area, simply because they rely on public transport when getting around.”