Six Surprising Things That Affect Property Prices
It’s a well-known mantra of those looking to purchase property: Location, location, location. Looking at the local area around the property you are planning to buy is an important consideration for getting the best from your budget and maximising your capital growth. And whilst most people are aware of the impact from key infrastructure such as transport links and reputable schools on a property’s price, there are a few other things that can affect property values that are a little more unusual.
1. Green and Pleasant Land
A study by HouseSimple found that property close to a park garnered a price 19% higher than other properties in their area. Being closer to green spaces and nature has been shown to make you feel happier and be better for your health. So it’s hardly a surprise that having a public park nearby features high up on buyer’s wishlists – particularly in urban areas where you’re less likely to have a garden.
2. To Market, to Market
Market towns are increasingly popular. According to research that Lloyds conducted in 2015, properties in market towns were generally worth £25,000 more than similar homes in the same area that weren’t in a market town. And then there are farmers markets. This upmarket amenity has proven to be a boost to house prices for property within close proximity too. Zoopla found that having a farmers market nearby adds on average 26% to property values.
3. Tomb with a View
Many people can find living close to a cemetery unsettling, particularly if it is easily viewable from your home. This can have a negative impact on house sales in the immediate proximity of the graveyard. Research conducted by HouseSimple.com found a 23% difference in value between houses on the same street as a cemetery and those elsewhere within the postcode area throughout the country.
What’s particularly surprising is that it actually doesn’t have a negative effect on property values everywhere in the UK – houses on roads next to cemeteries in Bolton, Leeds, Sheffield and Southampton actually had higher property prices than the average for their local postcodes! Perhaps Boltonian’s have a preference for extra quiet neighbours?!
4. Unlucky for Some
House numbers can have a surprisingly noticeable effect on house prices. According to Zoopla, odd-numbered houses earn on average £538 more than even-numbered properties. The most notable exemption to this rule is, of course, the number 13. Some street and blocks of flats leave out the inauspicious number altogether. But for those that do exist, their owners can lose as much as £6,500 when selling their property. That’s enough to give anyone triskaidekaphobia (a fear of the number 13)!
5. Local Tastes
A pub might not seem like the kind of establishment to have a positive impact on property values, but according to research from Tepilo having a good, well-regarded local was an important factor for 23% of potential buyers. Similarly, people are willing to pay big bucks to live near the best restaurants. 2012 research from PrimeLocation.com found that properties close to a Michelin-starred restaurant were worth as much as 50% more than the regional average!
6. House on the Hill
Even the physical layout of the local area can have an impact on property values. Research by Wetherell estate agents suggests that a house (in Central London) on a crescent typically earned a premium of 40%. And the views provided from living on a hill also adds value. Meanwhile Zoopla found that properties with ‘hill’ addresses had average property values that were more than double homes on a standard ‘street’.
Even more niche factors can have an effect too, such as having fishing rights on a riverside property’s land, or having a blue plaque commemorating a famous former resident. Taking these things into consideration can prove to be a very effective strategy in maximising the potential of your property investment.