A recent article in the Financial Times drew attention to an expected increase in house values near the Channel Tunnel Rail Link stations after fast domestic services start later this year, based on a study of the economic impact of the rail line.  The study was commissioned by the builders of the line, seemingly with the aim of showing that a project that was marginal in standard transport cost-benefit terms could become attractive once ‘wider economic benefits’ were taken into account.

Property prices will rise because of the reduced journey time to London – from Ashford in Kent, for instance, the present 83 minutes will be reduced to 37.  This makes commuting more attractive and so puts upward pressure on the prices of existing houses.  There will also be pressure to develop housing on green field sites within reasonable driving time from Ashford station. The new station at Ebbsfleet on the Thames Estuary will be only 17 minutes from central London.  Ebbsfleet has parking space planned for 9000 cars, implying a large amount of additional road traffic and housing development in the hinterland.

As ever, travel time constrains access, a constraint lessened by travelling faster. Two conclusions follow.  First, new fast transport facilities to and from a prosperous city centre will create demand for housing, both existing and new build, in pleasant suburban and rural locations.  Second, advocates of rail claim lower carbon emissions than for road or air travel, but the extra traffic to and from station cars parks should also be taken into account.