Farnham, Godalming, Haslemere and Alton have something important in common (other than being towns in which we have teams of Hampshire and Surrey estate agents).
As well as being among Surrey and Hampshire’s most desirable places to live (read our area guides to find out more about each), they also have railway stations that attract commuters who need regular access to London.
Now, new government planning rules could put well-connected railway towns firmly in the spotlight.
More homes near stations
Changes announced this week will introduce a default yes for new homes built within reasonable walking distance of well-connected railway, Tube and tram stations, as the government looks to accelerate housebuilding in locations already served by public transport.
For the property markets served by WPR, this raises an interesting question: what could greater development around stations mean for the enduring appeal of some of Surrey and Hampshire’s best-connected (and most-coveted) towns?
Of course, since hybrid working became commonplace following the pandemic, the commute has become less of a daily routine for many people. However, whatever people’s working patterns, good transport links will always be an important consideration for buyers.
The station still matters (but the place itself matters more)
As Surrey and Hampshire estate agents, we understand that good access to a railway station is important. However, in towns such as Farnham, Godalming, Haslemere and Alton, the attraction goes far beyond the train station.
After all, buyers are also drawn by attractive town centres, independent shops and restaurants, good schools, character properties and ready access to some of the South East’s most beautiful countryside, which both Surrey and Hampshire have in abundance.
In fact, this combination of country living without completely severing the connection to London has helped underpin demand for homes in these locations for many years.
It also means the impact of greater development around their stations is unlikely to be straightforward.
Could increased development affect property values?
Increasing the supply of homes in a particular location inevitably raises questions about values, but more homes do not automatically mean lower prices for existing properties.
New development can bring investment, improve neglected or underused areas and support more shops, restaurants and local services.
Of course, development that significantly increases the density of a neighbourhood could place pressure on roads, schools and other infrastructure, while potentially changing the character that attracted existing residents in the first place.
Our view, however, is that if more apartments and higher-density housing are built around stations, the things that cannot easily be created such as period houses, larger gardens, mature trees, quieter residential roads and generous plots are likely to become even more sought after.
A new apartment five minutes from Farnham station and a Victorian family house with a garden 15 minutes away may share the same transport connection, but they are not necessarily competing for the same buyer.
Four towns, four different markets
This is also why national planning policy has to be viewed through a local lens.
Farnham, Godalming, Haslemere and Alton are distinct property markets, each with its own housing stock, geography, transport connections and buyer profile.
As we cover in our area guides, even within the individual towns, the market can change significantly from one road to another.
Proximity to a station might command a premium in one neighbourhood, while buyers half a mile away may place greater value on a larger garden, access to a particular school or being closer to open countryside.
The impact of any new development will therefore need to be considered in the context of the individual town, the individual property and, of course, the requirements of the individual buyer.
What does it mean for homeowners?
For now, very little changes overnight. A national planning announcement does not mean development will suddenly appear beside every railway station. And there’s no certainty that Farnham, Godalming, Haslemere and Alton will even fall under the government’s plans at this stage.
However, this week’s announcement is significant. It underlines the government’s ambition to concentrate more new homes around existing transport infrastructure, making railway towns such as Farnham, Godalming, Haslemere and Alton particularly interesting places to watch.
For homeowners, it’s another reminder that property values are determined by much more than national house-price headlines.
Transport, housing supply, schools, infrastructure, investment and the character of an area all influence what buyers are prepared to pay. And while the railway has helped shape these four towns for generations, the areas surrounding their stations could now be entering another period of change.
We’ll certainly be watching closely over the coming months and update you when we know more.
Thinking of making a move this summer? Contact your local Warren Powell-Richards branch to arrange a no-obligation valuation of your property.
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