Do Bicycle Networks Have Economic Value? A Hedonic Application to Greater Manchester

David Hearne, Erez Yerushalmi*

*Corresponding author for this work

Research output: Working paper


This paper quantifies the association between proximity to bicycle networks and house prices in Greater Manchester using hedonic and spatial regressions. Given the challenges of congestion and pollution, many cities across the world are implementing policies to improve bicycling facilities and other active modes of transport. Bicycle lanes are a solution that could potentially provide significant amenities to residents, but they require investment and the appropriation of limited land. Drawing on a large dataset of approximately 253,000 transactions, over a 9-year period, we find that a 1 km reduction in distance to the nearest bicycle network is associated with property values being around 3.2% higher, on average, and 7.3% higher in the central borough of Manchester. We also provide an applied example to rank new bicycle routes by comparing their benefit-to-cost ratios.
Original languageEnglish
PublisherCentre for Applied Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University
Publication statusSubmitted for Review - 7 Nov 2023

Publication series

NameCAFE Working Paper


  • Bicycling Network
  • Bicycle
  • Bike
  • Hedonic Pricing
  • Greater Manchester


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