Green House Prices
Can better train services lower the property prices in London?
In The Undercover Economist, Tim Harford wrote (page 18) about the Green Belt of London, which helps keep rents and house prices in London higher than they would be. He said, “The Green Belt has made property in London scarce relative to the people who want to use it, and of course, strength comes from scarcity.”
He went on to say “improved public transport increases the alternatives to renting a place in the city. When a two-hour commute becomes a one-hour commute, and peopole are able to get a seat on the train instead of standing, some decide they’d rather save money and move out of central London. Vacant apartments then appear on the market. Scarcity lessens, and rents fall.”
I presume that commuter train services will only get better over time. If this assumption is true, do you think the property prices in London will also decrease as a result?
No. Property prices in the Green Belt will rise.
Property in Norfolk used to be as cheap as chips ten years ago. Then people started to realise that the trains allowed them to buy in Norfolk and commute to London in an hour or so. UP went the prices in Norfolk!
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