The team has studied house sales recorded by the Land Registry to calculate the uplift in value for affected properties before and after the construction of the bypass.
Overall, residents of towns and villages freed from the blight of through-traffic thanks to the construction of a bypass gain an average 15.3% boost to the value of their homes in addition to any underlying market-led price movement in the wider area.
The report also found this value boost occurs very soon after construction and prices then revert to behaving in line with average price movements within their region. A study of properties bought and resold within two years before and after the opening of a bypass showed an almost immediate average 13.8% boost to values.
This contrasts with other major transport improvements where there is usually a degree of property speculation when the project is announced, followed by progressive price growth, as wealthier demand is drawn to an area over time in anticipation of improved connectivity. In the case of a bypass, the traffic blight remains until the bypass opens and values appear to remain suppressed as a result.
Lucian Cook, director of Savills research, said: "Clearly, properties closest to main thoroughfares will benefit most from a bypass but this research shows that a bypass can lift the appeal of a town or village as whole."
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