New data from Nationwide has revealed that buyers in Manchester are prepared to pay 4.6% more on average for a home that is within 500 meters of a tram stop. This equates to a tram stop adding £8,300 to the value of a typical home.
The finding is great news for buy-to-let property investors savvy enough to do their homework on the location of the property that they are buying. Salford Quays area of Greater Manchester, is a perfect example. The property is just 150 metres from the nearest tram stop, meaning that central Manchester is accessible in just 15 minutes. Such a quick connection adds instant appeal to a rental property, attracting commuters who want to live outside of the city centre but who need easy access to it for work.
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