Our view on
Property Pedal power

The amazing success of Team GB’s cyclists helped boost the UK’s staggering Olympic medal count and highlighted how pedal power is great for Britain. According to new research by Bidwells - cycling can also be good for property prices!

Bidwells commissioned some fun snapshot research to find out how pedal power translates into property power after it was decided the firm would carry out an epic cycle ride from London via Oxford and Milton Keynes to Cambridge.

Our research revealed that cycling is undoubtedly good for property values, investment performance and of course the waistband.

The bike ride will mark the launch of the firm’s new brand and its work within the “Golden Triangle”, as well as raising much-needed funds for a number of children’s charities.

1%

of the UK workforce use a bicycle as a principal means of transport

The research, published this week, unveiled a number of interesting statistics including the fact that less than 1% of the national workforce use a bike as their primary way of getting to work.

The research also revealed that not surprisingly, Cambridge and Oxford are the highest ranked local authorities in England for bike based commuting. At the last census, a remarkable 20.1% of the Cambridge working age population used a bicycle to get to work. In Oxford, the ratio was 13.3%.

The research also found that in comparison with a national average price increase of 28.8% in residential prices between June 2006 and June 2016 (a complete “property cycle”), prices in Cambridge and Oxford rose by 75.2% and 64% respectively. The highest price increases outside London.

20.1%

of the Cambridge workforce use a bicycle as a principal means of transport

3%

of London commuters use a bicycle as a principal means of transport

Focussing on London, the researchers found that just under 3% of the workforce regularly cycle to work, although this conceals substantial local variations between the different boroughs.

In 2011, the census recorded Hackney, Islington, Lambeth, Wandsworth, Hammersmith & Fulham, Southwark, Richmond upon Thames, Tower Hamlets, Camden and the City of London as the ten most bicycle-friendly commuting boroughs in the capital. With 9.3% and 6.2% of people biking to work in Hackney and Islington respectively, these were the most bicycle- friendly districts, while, the City of London, at 4%, was in 10th place.

So even within the context of the buoyant London market the researchers found that, house prices have performed remarkably well in the bicycle-friendly boroughs. In the last decade’s property cycle, from June 2006 to June 2016, house prices in all ten of the capital’s top cycling locations increased by at least 85%. In four boroughs (Hackney, Islington, Southwark and The City), prices more than doubled in that period.

Patrick McMahon, Senior Partner at Bidwells said:

“We decided it might be a bit of fun, but also quite interesting to look at the stats surrounding a ‘property cycle’ especially after we decided to set this slightly crazy cycling challenge for ourselves.

“What our research revealed is that cycling is undoubtedly good for property values, investment performance and of course the waistband.

“This research also highlights that our Bidwells Bike Ride, with Cambridge, Oxford and London as its golden triangle corners, will actually take in the country’s most successful property markets and the UK’s most bicycle friendly cities.

“Some of our courageous riders argued that perhaps a two-day ride might be a little bit too long, but when we found out it totalled 177 miles – the exact number of years Bidwells has been around - we knew there was no turning back. Please wish us all luck – or better still, support us by making a donation.”

The Bidwells Golden Triangle Bike Ride takes place between September 22 and 23.

Cyclists will pedal from London via Oxford and Milton Keynes and finish in Cambridge. They will be raising money for our six partnered UK children’s charities – Starlight, EACH, ROSY, CHAS, Leo’s Appeal and Adam’s Fund.

To find out more about the cycle ride or to sponsor the teams please visit:
http://www.bidwells.co.uk/events/cycle-challenge/

 

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