FOUR THINGS THAT AFFECT PROPERTY VALUE THAT YOU MIGHT NOT THINK OF
There are so many factors and aspects in play when we value a property; some obvious, and some that people don’t even think about sometimes. Some obvious factors include the following:
- Parking – in London, we see parking spaces add up to £50,000 in value to some properties.
- Decor – perceived “bad” taste in decoration can affect value more than you think, in some cases slashing the overall value by up to 10%.
- Storage – it’s all about the storage; clever storage can add a lot of value to a property, and can help to avoid a cluttered appearance which can affect value negatively.
But from the nearest pub to which supermarket is closest to the property, some matters that you might think insignificant can hugely affect the property price. We’ve listed our top four for you:
1. Accessible public transport – that’s not too close!
In London especially, access to public transport is always important, but surveys suggest that you do not want to be too close!
Here’s some stats: being within 500m of a Tube station can increase the property value by up to 10.5%, but if your property is situated closer, at 250m from the station, then the figure actually drops by up to 7.6%. Statistics source: Nationwide.
2. The local supermarket
Research would suggest that the “Waitrose effect” is clear; having a premium brand supermarket on your doorstep is a luxury that buyers have to pay for. Having a budget supermarket though, such as Lidl, used to not be seen as a positive, with houses in such areas averaging £4,700 lower than other neighbouring areas in 2014. Today, property values in areas within close range to these budget supermarkets are valued at £6,400 higher!
Research from Lloyds bank shows the following value premiums for living near a supermarket:
Marks & Spencer, £29,992
Aldi, minus £2,902
3. A decent local
A local drinking hole constantly filled with noisy and rowdy undesirables can obviously affect property prices for the worse, but equally, a really nice local pub with a selection of craft ales and homemade grub is a huge plus for the property premium.
4. Counting counts!
You may be surprised that numbers also can have an influence on property value, and we’re not just talking about “unlucky 13”, which sells at almost £6,500 less than neighbouring properties. A Zoopla study revealed that houses with odd numbers fetch an average of £538 more than even-numbered properties.
So, there you have it, four things that affect property values that most of us would not usually think of! Make sure you check our blog regularly for more interesting articles, and if you have any questions regarding property value, don’t hesitate to get in touch with the Westcolt Surveyors team.